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DOL Plans To Gut Fiduciary Rule, CFA Claims
Financial Advisor; September 19, 2017
The Consumer Federation of America, one of the most vociferous supporters of the DOL’s fiduciary rule, says the department is planning to gut the most important provisions of the rule.
In a comment letter dated Friday and posted on the CFA’s website, Micah Hauptman, CFA financial services counsel, and Barbara Roper, CFA director of investor protection, argue that the DOL’s most recent proposal to extend the implementation date to July 1, 2019, is actually a stay of the rule, not a delay.
The distinction is important, they say, because stays of pending rules are only allowed in certain circumstances enumerated under federal law, and the DOL has not made a case for such a stay.
“It appears the DOL wants to make sure the operational requirements of the rule don’t kick in, and that’s effectively a revocation, and they can’t do that” without proper justification, Hauptman told Financial Advisor magazine.