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Senate committee finds flaw with fiduciary rule process

March 15, 2016

BY HAZEL BRADFORD |

The Department of Labor’s process for developing a new fiduciary standard was flawed by interagency conflict, said a report from the Senate Homeland Security and Governmental Affairs Committee.

The panel’s inquiry, which started in February 2015, two months before the DOL proposed a new rule, turned up “numerous concerns” raised by career staff at the Securities and Exchange Commission and other agencies that were disregarded by Labor Department officials, said the report prepared by the committee’s Republican staff.

“The (Senate Republicans’) staff found that the Labor Department frequently prioritized the expeditious completion of the rule-making process at the expense of thoughtful deliberation,” and political appointees at the White House “played a key role in driving the rule-making process,” the report said.

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Loreen M. Gilbert, CIMA, AIF, CRC, CLTC – President, WealthWise Financial Services
Blue Vault
July 6, 2016

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