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90 Democrats Sign Letter Critical Of Fiduciary Rule

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Insurance News Net (09/22/15) Hilton, John – Momentum seems to be building among House Democrats to raise questions regarding the Department of Labor’s (DOL) proposed fiduciary rule. A letter circulated last week asks the DOL to make what the Democrats call “improvements” to the rule. Originally signed by nine House Democrats, that number has since grown to 90 lawmakers, Eric Harris, press secretary for Rep. Gwen Moore (D-Wis.) said. The DOL is accepting comments until the end of the day Thursday, and expects to publish a final rule likely early in 2016, observers have said. Barbara Roper, director of investor protection for the Consumer Federation of America, which supports a tougher rule, said several of the letter signers have outright opposed a fiduciary-only rule in the past. She said the suggestions proposed in the Democrats’ letter could be easily adapted by the DOL. Roper added she is “cautiously optimistic” that the rule will be finalized. “DOL isn’t going to back down unless Congress makes them, in my opinion, and we see less and less Democratic support for any such efforts,” she said. Full article