An email from Labor Secretary Alexander Acosta to Sen. Tim Scott, R-SC, leaked to industry opponents of the fiduciary rule by a Scott staffer, said rolling back the rule was Acosta’s top priority, according to reporting on NAPA-net.org and insurancenewsnet.com.
The email suggests Acosta is pursuing options that will stop the controversial rule in a way that will “stick.”
The leaked communiqué comes as scores of Republican lawmakers have called for Acosta to further delay the June 9 implementation date of the rule’s impartial conduct standards, which requires advisors on all qualified retirement investment accounts to act in the best interest of investors.
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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.
