DOL's Su Tells House Lawmakers New Fiduciary Rule Remains a Priority

Final DOL Independent Contractor Rule Lands at OMB

The fiduciary regulatory package, titled “Retirement Security,” was sent to OMB on Sept. 8.

Labor, Su said, intends “that the amendment will take into account practices of investment advisers, and the expectations of plan officials and participants, and IRA owners who receive investment advice, as well as developments in the investment marketplace, including in the ways advisers are compensated that can subject advisers to harmful conflicts of interest.”

In conjunction with the fiduicary rule, Labor’s Employee Benefits Security Administration also “will evaluate available prohibited transaction class exemptions and propose amendments or new exemptions to ensure consistent protection of employee benefit plan and IRA investors,” Su told the lawmakers.

Labor is coordinating with the Treasury Department and IRS and separately working with the Securities and Exchange Commission, Su relayed, “to ensure that any new fiduciary rule appropriately reflects the changes that the financial services industry has made to comply with the SEC’s Regulation Best Interest.”

The fiduciary rule, Su said, “continues to be a priority” for the DOL.

See also  Budget Package Includes Insulin Help for HSA Users