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DOL Fiduciary News: September 14, 2017

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Provision of House spending bill would kill DOL fiduciary rule

InvestmentNews; Sep 13, 2017 @ 1:52 pm

The House is moving toward approval of a spending bill that contains a provision to kill the Labor Department's fiduciary rule, the latest attempt by congressional Republicans to use legislative means to stop the regulation.

The House was set to vote on more than two dozen amendments to the appropriations measure Wednesday afternoon. The bill, along with the so-called rider on the DOL rule, is headed for certain approval by the end of the week.

But the $1.23 trillion bill that would fund government operations for fiscal 2018 has dim prospects in the Senate, due to opposition from Democrats to funding levels and various policy provisions. But the fact the DOL rider will get through the House means it's once again in play, as it has been in previous years during budget negotiations.

Here’s Why We Need an SEC Fiduciary Rule

Barrons; September 13, 2017 @ 1:09 pm

Uncertainty over the DOL fiduciary rule is frustrating, but it presents an opportunity for the SEC to come up with something better, Charles Goldman tells The Wall Street Journal.

The SEC “should apply the Investment Advisers Act of 1940 … to every professional providing paid financial advice,” says Goldman, the head of AssetMark in Concord, Calif.

One reason to expand the ’40 Act is to simplify regulation, Goldman argues. It’s a principles-based standard requiring advisors to disclose conflicts of interest and put their clients’ interests ahead of their own. It’s simple and well understood, unlike the rules-based and Byzantine DOL version, which “creates more loopholes and confusion than protection for clients,” says Goldman.

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