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