Regulatory Outlook | 07.09.20
DOL Urged to Extend Comment Period for Fiduciary Proposal
More than 20 consumer and investor advocacy groups are urging the Department of Labor (DOL) to allow more time for public input on its recently released fiduciary proposal. In a letter to the DOL Wednesday, 21 advocacy groups called on the agency to extend the deadline to 90 days given the intricacies of the proposal and the ongoing coronavirus pandemic. “A 30-day comment period is an unreasonably short amount of time to provide thoughtful and comprehensive comments on this complex and highly technical proposal, which would affect our constituencies—including virtually all Americans struggling to save for retirement—in varied and far-reaching ways,” the letter states. The letter was signed by the Consumer Federation of America, the Financial Planning Association, the National Association of Personal Financial Advisors, and the Institute for the Fiduciary Standard, among other groups.
Read the full article on InvestmentNews.