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DOL Pans Hill Concerns Over Proposed Rule

The Department of Labor has criticized an effort by a bipartisan group of members of the U.S. House of Representatives to address concerns about its proposed fiduciary rule, with a DOL spokesman calling the initiative “puzzling and disappointing.”

Reps. Phil Roe (R-Tenn.), Richard Neal (D-Mass.), Peter Roskam (R-Ill.), Michelle Lujan Grisham (D-N.M.), Earl “Buddy” Carter (R-Ga.), and John Larson (D-Conn.) recently outlined a set of legislative principles that are guiding their effort to ameliorate the possible impact of the rule on low and middle-income families. The group has not yet introduced legislation.

The DOL spokesman told Investment News’ Mark Schoeff Nov. 19 that, “It is puzzling and disappointing that after the department’s five-year extensive and inclusive outreach process, Congressman Neal would embark on a closed-door initiative — in partnership with Republican leadership and a select few from Wall Street — that lacks the inclusiveness and thoroughness he and others have called for.”

And even if the group of lawmakers does introduce a bill, the DOL says it will proceed as it has been regardless, according to the report.