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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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.
