Regulatory Outlook | 09.08.20
DOL Fiduciary Rule Hearing Is Too Rushed, Lawmakers Say
Lawmakers told the DOL that its public hearings on a proposed fiduciary prohibited transaction exemption, which were scheduled for Sept. 3-4, are too rushed and restrictive and that the comment period should be reopened after the hearing. In a letter to the DOL, Sen. Patty Murray (D-WA), ranking member on the Senate Health, Education, Labor & Pensions Committee, and Rep. Bobby Scott (D-VA), chairman of the House Education and Labor Committee, wrote, “The manner in which the public hearing is structured would cause an unbiased observer to conclude the Department is more concerned with curtailing engagement with the public than receiving feedback from them.”
Read the full article on Think Advisor.