Acosta Looking to Freeze DOL Fiduciary Regulation

Labor Secretary Alexander Acosta says the Department of Labor’s fiduciary rule is his number one priority, and that he is actively seeking a way to freeze the rule that will “stick.”

Acosta’s comments were made during a meeting with Sen. Tim Scott (R-SC), according to a communication from Scott’s office. Acosta also said he was in constant communication with the White House and recognized the urgency of the situation.

According to the communication, Scott pressed the case against the rule, saying that it wasn’t going to hurt Wall Street as much as it will hurt everyday Americans who need access to investment advice.

Scott and Acosta met to follow up on a letter that Scott and eight other GOP Senators sent to Acosta on April 28 urging the DOL, “pursuant to the President’s memorandum and in light of the numerous concerns with the final fiduciary rule,” to carry out “the President’s directives without delay and finalize a new fiduciary rule review before any part of the rule becomes applicable.”

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One Comment

  1. Posted May 10, 2017 at 11:17 am | Permalink

    RE-(hurt everyday Americans who need access to investment advice.) Missed in all commentary is the fact that real life knowledge of products, alternatives et al has never been taught to a series 7 or RIA. Simply because reps are licensed to offer advice reflects a breach by the very entities who have a duty to make sure agent/broker/RIA training is at least adequate.
    The DOL material is lacking too but in this case, it is preferable to pass the legislation and try to ramp up competence than accept a broken system and let it stay that way.

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