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Texas Judge Denies Emergency Request to Block DOL Fiduciary Rule
ThinkAdvisor; March 21, 2017
The judge overseeing the lawsuit filed by nine plaintiffs in Texas against the Department of Labor’s fiduciary rule denied an emergency request by the groups to stop the rule from taking effect while they take their case to the U.S. Court of Appeals for the Fifth Circuit.
Judge Barbara M.G. Lynn ruled Monday that the plaintiffs – which include the U.S. Chamber of Commerce, the Securities Industry and Financial Markets Association and the Financial Services Institute – failed to satisfy the requirements for an injunction pending appeal.
The decision came two days before R. Alexander Acosta is scheduled for his confirmation hearing to become secretary of Labor.
InvestmentNews; Mar 21, 2017 @ 2:02 pm
Sen. Elizabeth Warren, D-Mass., has sent R. Alexander Acosta, the Trump administration's nominee for Secretary of Labor, a 23-page letter (https://www.warren.senate.gov/files/documents/2017_3_21_Acosta_Hearing_Letter.pdf) pressing him for details on his views on the Department of Labor's fiduciary rule as well as other matters.
Sen. Warren expressed her displeasure with either a delay in implementing the DOL fiduciary rule or rolling it back. "Given the positive changes in the market … and the most recent estimate from the Economic Policy Institute, any efforts to roll back these new protections will be devastating to consumers," she wrote in the March 21, 2017 letter to Mr. Acosta.