Senator Orrin Hatch, R-Utah, incoming chairman of the Senate Finance Committee, said Monday that he plans to reintroduce in 2015 his Secure Annuities for Employee Retirement Act, which includes language that would stop the Department of Labor from writing fiduciary rules for individual retirement accounts. 

"We shouldn't have DOL writing these sort of things," Hatch told reporters after his comments at an event Monday in Washington hosted by the Financial Services Roundtable. His comments came when asked about DOL's planned re-release of its rule to amend the definition of fiduciary under the Employee Retirement Income Security Act.

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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.