In a letter to Department of Labor Secretary Thomas Perez, a coalition of Democratic members of Congress expressed concerns about the DOL’s upcoming re-release of its fiduciary rules.
The rules won’t be released until sometime in August, but they are expected to establish a procedure that would call for brokers who sell IRAs to follow the same investment advice standards as registered investment advisors.
In their letter, the Democratic Congressmen said that any definition “should not limit access to investment education and information. We certainly want to protect plan participants, IRA owners, and plan sponsors from unfair and deceptive practices. But this should be done in a way that does not restrict access to critical investment assistance,” the letter stated.