DOL Fiduciary News: May 19, 2017
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DOL fiduciary rule opponents, lawmakers call for further delay at House hearing
InvestmentNews; May 18, 2017 @ 2:05 pm
Republican lawmakers and opponents of the Labor Department's fiduciary rule on Thursday called for an extended delay of its implementation deadline, citing what some call new evidence of its harm to investors.
Most witnesses before the House Education and Workforce Subcommittee on Health, Employment, Labor and Pensions said that the regulation, whose applicability date has already been pushed back to June 9 from April 10, should be suspended further while the department conducts a review directed by President Donald J. Trump that could lead to its modification or repeal.
"The new empirical evidence based on actual experience shows that the academic predictions dismissing the rule's harmful effects, such as reduced access to advice and assistance, were wrong," Bradford Campbell, a partner at Drinker Biddle & Reath and a hearing witness told lawmakers. "The fiduciary rule should be delayed until a complete review of this new, compelling evidence is complete."