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In a recent letter to Acting Secretary of Labor Seth Harris, six members of the Congressional Black Caucus warned that if the DOL’s 2010 fiduciary proposal is re-proposed this year without significant changes, the rule “could disparately impact retirement savers and investment representatives in the African-American community,” according to the letter.
Rep. Maxine Waters, the ranking Democrat on the Financial Services Committee, was among the signers of the letter.
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The court filings seek to overturn two injunctions federal courts imposed after finding the Department of Labor's new conduct standard is too similar to a previous one vacated in 2018.
A bill repealing rule moves on to House floor, while appropriators seek to block funding for the measure.
Hope is dimming, but top Democrats like Sen. Elizabeth Warren and investor advocates are unlikely to relent in their efforts to preserve the regulation.
Employers for the first time are being held accountable for quantitative judgment of their vendors.
Employers for the first time are being held accountable for quantitative judgment of their vendors.
