Efforts to stop or roll back the Department of Labor’s proposed fiduciary rule will continue, according to Steve Saxon of Groom Law Group. Saxon made his remarks at the Insured Retirement Institute’s recent Government Legal Regulatory Conference in Washington, D.C.
According to zinsurance, Saxon told attendees in his address that members of the House and Senate will continue their efforts during the federal appropriations process later this year to deny funding to the DOL’s efforts to implement the rule.
Saxon also cited a measure Rep. Ann Wagner (R-Mo.) introduced two months before the DOL issued its most recent iteration of the proposed rule. The Retail Investor Protection Act (H.R. 1090) would forbid the Secretary of Labor from promulgating any regulation defining the circumstances under which an individual is considered to be a fiduciary until 60 days after the Securities and Exchange Commission issues a final rule governing the standards of conduct for brokers and dealers. The bill was referred to the House Education and the Workforce Committee, which in turn referred it to the Subcommittee on Health, Employment, Labor and Pensions.
Saxon acknowledged the likelihood that President Obama will veto the bills and that they face “huge hurdles” becoming law as a result.
According to zinsurance, Saxon told attendees in his address that members of the House and Senate will continue their efforts during the federal appropriations process later this year to deny funding to the DOL’s efforts to implement the rule.
Saxon also cited a measure Rep. Ann Wagner (R-Mo.) introduced two months before the DOL issued its most recent iteration of the proposed rule. The Retail Investor Protection Act (H.R. 1090) would forbid the Secretary of Labor from promulgating any regulation defining the circumstances under which an individual is considered to be a fiduciary until 60 days after the Securities and Exchange Commission issues a final rule governing the standards of conduct for brokers and dealers. The bill was referred to the House Education and the Workforce Committee, which in turn referred it to the Subcommittee on Health, Employment, Labor and Pensions.
Saxon acknowledged the likelihood that President Obama will veto the bills and that they face “huge hurdles” becoming law as a result.
- Log in to post comments