The U.S. Chamber of Commerce said Thursday it will use every tool at its disposal to challenge the Department of Labor’s proposed fiduciary rule, including a potential lawsuit and working with Congress.
“We’ve had very strong conversations with people in Labor and in the White House and what has to happen to that rule for it to be acceptable and not destructive to the retirement system of small companies and others,” said Thomas Donohue, president and CEO, in comments to reporters following his annual State of American Business address.
“If [the finalized rule] looks appropriate, we won’t have to sue. If it’s not appropriate, it’s not just suing; we now have, in the Senate and in the House, much better systems to use the appropriations and other parts of the committee process to work on this deal and we will.”
The Blue Vault Summit could not have been more perfectly timed. This gathering of the Broker Dealer and Sponsor communities provided insightful and open discussion from several vantage points. These conversations are paramount, especially in a time of significant regulatory change.