Congress is worried that any change to the definition of who is a fiduciary will limit the access minority groups have to investment advice.
In a letter to the Department of Labor this week, Congress encouraged acting Secretary Seth Harris to take into consideration the effects its proposed rule to amend the definition of "fiduciary" will have on minority communities.
"At a time when many Americans are struggling to ensure a secure retirement, we have concerns that the Department's re-proposal could severely limit access to low cost investment advice. After years of hard work, often for long hours and at low wages, many of our constituents face the challenge of planning for their retirement without access to professional investment advice and services," the members of Congress said in the letter dated June 14.
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