Today, several Democrats raised concerns over the Department of Labor’s proposed fiduciary rule at a hearing held by two subcommittees of the House Financial Services Committee.
“I can’t believe we are still talking about this issue,” said Rep. John Carney, D-Delaware, who expressed concern that the rule could unintentionally restrict access to financial advice for low- and middle-income Americans.
Carney, who said the complexity of the issue was “beyond me” when he first set out to understand it in 2010, when the DOL first attempted to write a new fiduciary standard, also said the time to create a new rule is now.
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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.
