Lawmakers confused by the nuanced debate surrounding the Department of Labor's proposed fiduciary standard are pounded with a catchword by those trying to stop the new regulation: unworkable.
As the comment period on the rule is now set to close in a matter of weeks, one interest group leading the pushback against the DOL has circulated a one-page primer on Capitol Hill as to why the DOL's ideas for setting a uniform fiduciary standard for all advisors to IRAs, and those to smaller 401(k) plans, is just that.
The Financial Services Institute, which lobbies on behalf of more than 100 broker-dealers and 35,000 broker reps, says it is "ready and willing" to work with the DOL in creating a best interest standard that puts "investors' interests first," according to the primer.
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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.
