Opponents of the Department of Labor’s redraft of its rule to amend the definition of fiduciary for retirement advice wasted no time filing comment letters as well as studies challenging numerous aspects of the plan.
With the comment period on the redraft expiring Tuesday, the Securities Industry and Financial Markets Association and the U.S. Chamber of Commerce submitted several iterations of their objections to the redraft.
The Senate Committee of Health Education Labor and Pensions plans to hold a hearing on DOL’s plan Tuesday as well.
SIFMA submitted eight comment letters on DOL’s proposed rule to redefine fiduciary under the Employee Retirement Income Security Act that not only address the fiduciary rule itself but also the controversial best interest contract exemption and other prohibited transaction exemptions. The Wall Street trade group also submitted two studies highlighting the plan’s operational and economic challenges.
The U.S. Chamber of Commerce submitted four separate comment letters on DOL’s plan as well as its related prohibited transaction exemptions along with an economic impact analysis.
As of Monday, DOL had received 300 comment letters regarding its redraft as well as petitions.
Ken Bentsen, SIFMA’s president and CEO, reiterated on a call with reporters SIFMA’s position that the securities regulators — the Securities and Exchange Commission and the Financial Industry Regulatory Authority — should lead a best interest standard rulemaking.