July 7, 2014

Could Feds Kill DoL Fiduciary Regulation?

From: Financial-Planning.com


WASHINGTON — Has the debate around the Department of Labor’s fiduciary proposal become so heated that the administration will shelve the controversial proposal?

At least one opponent says it’s possible.

Stephen Saxon, the chairman of the Groom Law Group, has been meeting with senior administration officials to express opposition to the pending regulations. And speaking this week at the Insured Retirement Institute’s regulatory conference, Saxon noted that the concerns from the financial industry about the proposal — which would extend fiduciary responsibilities to advisors providing retirement advice to plans and individuals — have resonated at the highest levels of the government.

“The fiduciary reg is probably the most important regulatory initiative that we’ve had here in Washington in the last 20 years. It’s also the most controversial,” Saxon says. “Rarely do you see the level of interest at the White House and OMB and others have had in the fiduciary reg.”

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