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Seven Senate Democrats are urging the Labor Division to increase the remark interval on its new fiduciary rule proposal.
In a letter despatched late Wednesday to appearing Labor Secretary Julie Su, the senators — together with Joe Manchin, D-W.Va., and Ben Cardin, D-Md. — instructed Su that “given the broad impacts of this potential rulemaking, we’re involved that you’re speeding this course of.”
Senate Finance Committee Chairman Ron Wyden, D-Ore., wrote in a separate letter to Su that “given the various considerate feedback” Labor obtained throughout its public hearings, held Dec. 12 and 13, Labor ought to lengthen the remark interval by 30 days.
The present 60-day remark interval, which ends on Jan. 2, “is inadequate for stakeholder engagement on a rule that the company has spent nearly three years drafting, greater than a decade contemplating, and may have such broad impacts on retirement savers,” the senators wrote.
“That is considerably shorter than remark durations for earlier iterations of this proposal,” they stated, and ”contains a number of main holidays, which has the impact of abbreviating the remark interval even additional.”
Lisa Gomez, assistant secretary of Labor for the Worker Advantages Safety Administration, denied in mid-November a request by business commerce teams to increase the remark interval on Labor’s fiduciary rule.
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