Labor's fiduciary rule, which was finalized in 2016 after nearly six years of effort, was vacated by a federal court last year. (Photo: Shutterstock)
Two leading Democratic lawmakers on retirement issues are asking the Government Accountability Office to investigate the impact of the Labor Department's fiduciary rule, which was vacated by the Fifth Circuit Court of Appeals a year ago, on the financial services industry, retirement plan sponsors, and retirement savers.
Labor's rule, which was finalized in 2016 after nearly six years of effort, required a fiduciary standard of care on securities and rollover recommendations for all qualified retirement plan assets.
A consortium of brokerage, insurance, and business trade groups sued the Labor Department, alleging it overstepped its rule making authority by attempting to regulate IRA assets.
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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.
