Ten Senate Democrats have asked the Office of Management and Budget to delay the Department of Labor fiduciary ruling until after the Securities and Exchange Commission decides to hand down its own determinations of fiduciary responsibility.
As it stands, the DOL is expected to announce its ruling this October.
Citing concerns that the SEC and DOL rulings will conflict, the Democratic senators said moving forward “without parity” could create conflicting rules and ultimately force advisors and brokers to meet two different standards.
“We remain very concerned that uncoordinated efforts undertaken by the agencies could work at cross-purposes in a way that could limit investor access to education and increase costs for investors, most notably Main Street investors,” said the Aug. 2 letter signed by Senate Banking Commission members Jon Tester, D-Mont.; Mark Warner , D-Va.; and Kay Hagan, D-N.C., among others.