Add the Congressional Black Caucus to the growing list of groups questioning the DOL’s expansion of the definition of fiduciary. In a letter (free registration required) to the acting Labor Secretary signed by eight members of the House Financial Services Committee, the Black Caucus expressed concern that the DOL’s expanded definition would drive commissioned brokers from the IRA market, leading to a “disparately” negative impact on African Americans.
Adding to the fray, Sen. Jon Jester (D-MT) urged the SEC to get ahead of this issue and criticized the DOL’s pre-emptive efforts. Stay tuned.
