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."
He said that the proposal would "undermine efforts by employers and service providers to educate workers on the importance of responsible retirement planning," and "may deny investment opportunities and drive up costs for the individuals it is intended to protect."
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2023. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
