Republican lawmakers in both chambers of Congress are makingformal requests of the Department of Labor for information into therulemaking process behind the agency’s conflict-of-interest, orfiduciary, rule.

Beyond echoing Wall Street’s argument against the rule — that anew fiduciary standard would price low and moderate earners out ofthe financial services market — the lawmakers are also questioningthe DOL’s authority in making the rule, arguing it is theSecurities and Exchange Commission’s jurisdiction.

Rep. John Kline, R-Minnesota, chair of the Committee onEducation and the Workforce, and Rep. Phil Roe, R-Tennessee, chairof the Subcommittee on Health, Employment, Labor and Pensions, arerequesting documents from the DOL proving the agency adequatelycoordinated with the SEC during the rule making process.

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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.