A group of 18 Democratic members of the House of Representatives and another group of eight Senate Democrats have written separate letters to Labor Secretary Thomas Perez asking for an extension of the 75-day comment period for the agency's proposed fiduciary rule.
The requests echo concerns raised by industry stakeholders in a letter sent last month, which said the existing 75-day comment period won't give the financial services industry adequate time "to determine whether they can effectively service the needs of retirement investors within the framework presented in the proposal," according to that letter, which was signed by SIFMA, the ICI and the Financial Services Institute, among other interest groups.
Now, some Democrat lawmakers agree.
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