More than 100 House Republicans signed a letter to Labor Secretary Thomas Perez, giving him two weeks to respond to their demand that stakeholders be able to review the changes the agency is making to its proposed fiduciary rule before it is finalized.
The letter, which originated out of the office of Rep. Mike Kelly, R-Pennsylvania, a member of the influential Ways and Means Committee, lays out many core concerns with the proposal highlighted in several other letters to Sec. Perez from lawmakers, both Republican and Democrat.
The proposal’s Best Interest Contract Exemption will effectively ban commission-based brokerage transactions and will be impossible for many investment brokers to implement, according to the Republican lawmakers.
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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.
