OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Foxx, Cassidy Rake Acting Secretary Su Over the Coals on Botched Fiduciary Rulemaking

Press Release

Date: Oct. 31, 2023
Location: Washington, DC
Issues: Business, Consumers, and Employees

"Over the last two years, the Department has espoused at least three separate positions on what it means to be an investment advice fiduciary. By failing to articulate itself consistently, the Department has created unnecessary instability for retirement plans, retirees, and savers.

As Biden's DOL continues to change its stance in this area, we remind the Department of its attempt to promulgate a definition of fiduciary under ERISA section 3(21) in 2016 (the "2016 Fiduciary Rule"). This ill-conceived and overreaching rule was decisively vacated by the U.S. Court of Appeals for the Fifth Circuit, and it should serve as a cautionary example.

No American deserves to have his or her financial security threatened for political gain. … We request that DOL cease further action on this rulemaking. We look forward to your prompt attention to this matter and to your response to this letter."


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