Efforts by members of Congress to slow the DOL ’s reproposal of its fiduciary rule will have little to no effect, Phyllis Borzi, assistant secretary of DOL ’s Employee Benefits Security Administration, said Tuesday.
The DOL plans to repropose its controversial rule to amend the definition of fiduciary under ERISA “in several months,” Phyllis Borzi the DOL ’s EBSA, told AdvisorOne on Friday.
The DOL's reproposed fiduciary rule will likely be released a "couple" of months after July, Phyllis Borzi, assistant secretary for EBSA, said during a Tuesday afternoon meeting with the ERISA Advisory Council.
The failure of the SEC and DOL to collaborate on their “overlapping” fiduciary rules on IRA advice will render the SEC’s current cost-benefit analysis worthless, says Kent Mason of Davis & Harman.
The House Financial Services Committee plans to mark up a bill introduced Wednesday that would require the DOL to wait 60 days to publish its fiduciary rule after the SEC has released its own measure.
In yet another attempt by Congress to stymie the DOL's effort to release its fiduciary reproposal, Sen. Orrin Hatch, R-Utah, introduced legislation on Tuesday that would return oversight of IRAs to the Treasury Department.
But SEC’s Mary Jo White maintains SEC and DOL are "two different agencies"; says more exam "coverage" is needed for advisors.
Pay close attention to three areas of the DOL ’s reproposed fiduciary rule once it’s released in July, says Brad Campbell, former head of EBSA.
The Congressional Black Caucus is warning the DOL that its plan to extend ERISA’s fiduciary standard to IRAs will hurt African-American savers.