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Forward of a Jan. 10 listening to on Labor’s new fiduciary rule, members of Congress warned performing Labor Secretary Julie Su to stop work on the rule, which they argued “consists of vital, pointless, and counterproductive modifications to the present regulatory framework governing the conduct of economic professionals who present customized funding recommendation to retirement savers.”
In a letter dated Jan. 8, 45 Republicans and 5 Democrats instructed Su and Lisa Gomez, the assistant secretary of Labor for the Worker Advantages Safety Administration, that Labor’s “previous efforts to develop these guidelines, which federal courts have repeatedly rejected, dealt a devastating blow to tens of millions of American employees and retirees by impairing their capability to acquire much-needed inexpensive monetary skilled assist to arrange for and obtain a safe and dignified retirement.”
The lawmakers, which included Rep. Ann Wagner, R-Mo., urged Labor “to stop its efforts to undertake this proposal with a view to forestall needlessly inflicting hurt on tens of millions of retirement savers throughout the nation.”
The Home Monetary Companies Capital Markets Subcommittee, chaired by Wagner, plans to carry the Jan. 10 listening to to look at the proposal.
In shifting ahead with this proposal, the lawmakers wrote of their Jan. 8 letter, “DOL has unreasonably dismissed the intensive analysis and real-world expertise decisively demonstrating the 2016 DOL fiduciary rule considerably harmed lower- and middle-income employees earlier than being vacated in federal courtroom.”
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