Congress to Borzi: Repropose fiduciary rule

Lawmakers told Phyllis Borzi, head of the Department of Labor’s Employee Benefits Security Administration (EBSA) on Tuesday, to repropose the agency’s controversial regulation amending the definition of fiduciary under the Employee Retirement Income Security Act (ERISA), because the definition offered is too broad and because EBSA failed to examine the full cost of expanding the definition.

Rep. Phil Roe, R-Tenn., chairman of the House Subcommittee on Health, Employment, Labor and Pensions, told Borzi (left) during a hearing that his committee held on Tuesday to assess the impact of EBSA’s fiduciary proposal, that the current proposal “is an ill-conceived expansion of the fiduciary standard.”