Just last week, the former chairman of the House Financial Service Committee, Rep. Barney Frank (D-MA), wrote to Labor Secretary Hilda Solis urging her to do so. The Labor Department announcement is available here and Congressman Frank’s letter is available here.
The proposal would have updated a 1975 regulation on who is a fiduciary to retirement plans. The proposal had been criticized for being too broad and that it would result in fewer choices for investors. The proposal also had been criticized for not being coordinated with fiduciary proposals under consideration at the SEC and the CFTC.
Please follow and like us:
