The Department of Labor plans to repropose its controversial rule to amend the definition of fiduciary under ERISA "in several months," Phyllis Borzi, assistant secretary for the DOL's Employee Benefits Security Administration, told AdvisorOne on Friday.
Speaking briefly with AdvisorOne before she spoke at the Women's Institute for a Secure Retirement's annual women's retirement symposium in Washington, Borzi said to expect a reproposal of the fiduciary rule early next year.
"We're not finished" with the rule, Borzi told WISER attendees. "When people see the reproposal, reasonable people with open minds will say [DOL] listened, that [DOL] addressed the legitimate issues that were raised in the long comment process." Added Borzi: "The reproposal will be better, clearer, more targeted and more reasonably balanced."
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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.
