Labor Secretary Thomas Perez. Photo: AP

The Department of Labor Monday took a big step forward in a move that immediately re-ignited the intense debate over whether securities brokers should be subject to the fiduciary rules in the Employee Retirement Income Security Act. 

In sending its reworked and long-awaited “conflict-of-interest” rule to the Office of Management and Budget, the DOL triggered a 90-day review of a change aimed at protecting workers and retirees. The rule will not be made public until after that process. 

Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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