Secretary of Labor Thomas Perez said Friday that his departmentworked “very closely” with the SEC in crafting its proposed newfiduciary rule.

The secretary’s comment, made during an interview on CNBC, cameafter Republican lawmakers in both chambers of Congress filed formalrequests with the DOL to provide documentation of allcommunications with the SEC relating to the rulemakingprocess.

Foes of the new proposed rule, which would impose a higherfiduciary standard on all brokers of securities, have claimed thatthe type of oversight the DOL would be given should statutorily beleft in the jurisdiction of the SEC.

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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.