On Capitol Hill, Borzi Responds to Black Caucus' Concerns

In response to the Congressional Black Caucus’ concerns about the DOL’s proposed definition of fiduciary, EBSA Assistant Secretary Phyllis Borzi defended her proposal at a congressional briefing this week. Accompanying her at the briefing were representatives from AARP, AFL-CIO and the Plan Sponsor Council of America (PSCA), apparently to show support for DOL’s proposal.

The Black Caucus had expressed concerns that the DOL’s expanded definition of fiduciary would drive commissioned brokers from the IRA market, leading to a “disparately” negative impact on African Americans.