Regulatory Outlook | 08.07.20
DOL Denies Request to Extend Comment Period, Hold Hearing on Fiduciary Rule
The Department of Labor (DOL) has denied requests from lawmakers and investor advocacy groups to extend the comment deadline and hold a hearing regarding a proposal to set new investment advice standards for retirement accounts. The comment period expired on Thursday. In a letter last month, Sen. Patty Murray (D-WA), ranking member on the Health, Education, Labor, and Pensions Committee, asked Jeanne Klinefelter Wilson, acting head of Labor’s Employee Benefits Security Administration, to hold public hearings as Labor did in 2015 when it was seeking feedback on the previous fiduciary rule vacated by the US Court of Appeals for the 5th Circuit. Murray and Rep. Bobby Scott (D-VA), chairman of the House Education and Labor Committee, also sent a letter to DOL Secretary Eugene Scalia requesting an extended comment period, which DOL also denied.
Read the full article on Think Advisor.