Three prominent Senate Democrats and ardent backers of the Labor Department's fiduciary rule are accusing Labor Secretary Alexander Acosta of talking out of both sides of his mouth.
A letter signed by Sen. Patty Murray, D-WA, Sen. Elizabeth Warren, D-MA, and Sen. Cory Booker, D-NJ, claims recent reports that Acosta has made freezing the fiduciary rule his primary priority is a contradiction from the sworn testimony he gave during his confirmation hearing.
"You were asked during your confirmation hearing about your plans for the conflict of interest rule, and you stated that you would follow the 'executive orders of the President'," the lawmakers wrote.
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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.
