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Senate Committee Wants Details on Fiduciary Proposal

If the Senate Committee on Homeland Security and Government Affairs has its way, the Department of Labor has some ’splaining to do on its fiduciary regulation reproposal.

In a Feb. 5 letter from Committee Chairman Ron Johnson (R-Wisc.) to Secretary of Labor Thomas Perez, the committee requests that the DOL, as soon as possible, but no later than noon on February 19:

  • Explain how the DOL will ensure that any proposed rulemaking to fiduciary rules and investment advisors for retirement accounts does not adversely affect middle- and low-income Americans.
  • Explain whether and how the DOL plans to “increase awareness and educate taxpayers” about any proposed rulemaking relating to fiduciary rules and policies on investment advisors for retirement accounts.
  • Itemize costs that “will be or have been incurred” by the DOL to “increase awareness and educate taxpayers about any proposed rulemaking relating to fiduciary rules and policies on investment advisors for retirement accounts.”
  • Explain the DOL’s role in drafting or advising the recently leaked memorandum from the White House Council on Economic Advisors, and produce all communications between the DOL and the Executive Office of the President about that memo.
  • Produce all communications between the DOL and the SEC “referring or relating to changing fiduciary standards” under ERISA.
  • Explain the DOL's decision to convene a hearing on the Qualified Professional Asset Manager eligibility of Credit Suisse, including how the DOL selected witnesses at the hearing.

The letter explains the Committee’s authority to investigate “the efficiency and economy of operations of all branches of the Government” under Rule XXV of the Standing Rules of the Senate.