The Fight against a new Fiduciary Rule continues

It should come as no surprise that the Senate and the House of Representatives are trying to do their best to make sure that the Department of Labor (DOL) is thwarted with implementing a fiduciary rule for retirement plan and individual retirement accounts.

There is legislation in both houses to require congressional approval of any DOL fiduciary rule change.

Democrats and Republicans don’t agree on much, but they do when they are funded with money from investment brokerage houses that want no part of a fiduciary rule that would increase their responsibilities and liability exposure when their brokers won on retirement plans. Add an election year into the equation and you have some exciting times as to whether the DOL will attempt to publish a final rule and whether they have the political capital to stand up against the opposition. There will be a new President in the next 10+ months, so time is of the essence.

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