The public comments that the Department of Labor is receiving on its proposed fiduciary rule already are having an effect, Labor Secretary Thomas Perez said at June 23 Brookings Institution forum in Washington, D.C.
According to Perez, some of the comments expressed concern about the best interest contract (BIC) exemption. The comments have been both pro and con — some are concerned “that the additional data retention and point-of-sale disclosure requirements are too cumbersome, challenging to implement and won’t provide significant benefits,” he said, but other comments express the opposite position.
Perez said that these comments are important because “they’ve already begun to sharpen our thinking about whether we should make changes to the exemption ... so that the proposal accomplishes its goals in the simplest, least burdensome way for all concerned.”
Perez said the DOL welcomes further comments: “We will read every comment we receive. We've received incredibly helpful input so far, and we’re eager to hear more.” He added, “The more voices that are heard — the more open, inclusive and transparent the process — the stronger the new rule will be at the end of the day.”
House Committee Cuts Funding
On June 24, the day after Perez' remarks, the House of Representatives' Appropriations Committee approved a FY 2016 funding measure that would eliminate from the DOL budget any money to implement the fiduciary rule. The vote on the rule was 30-21, with all Democrats voting against it.
The Senate Appropriations Committee is slated to vote on a similar measure today.
