Lawmakers asked Labor Secretary Thomas Perez in two separate letters this week to extend by another 45 days the comment period on the Department’s redraft of its rule to amend the definition of fiduciary under the Employee Retirement Income Security Act.
Industry trade groups had sent a letter to Perez in late April requesting that the comment period be extended due to the redraft’s “breadth.” When asked in late April if DOL would extend the comment period, Perez reiterated the previously stated 75-day comment period deadline.
But fiduciary advocates urged Perez in a Friday letter to rebuff the requests for an extension.
In their letters, House and Senate members said the DOL should give “constituents, Congress and all other stakeholders an extra 45 days to allow for thoughtful and constructive feedback so that the Department may put forth the best possible final rule that protects investors.”
The Senate letter states that a 120-day comment period would allow for “more thoughtful comments” considering “the complex nature and far-reaching effects” of the proposed rule.