WASHINGTON, D.C. | November 18, 2011
Dear Assistant Secretary Borzi:
On July 26, 2011, you testified before the House Education and the Workforce Committee's Subcommittee on Health, Employment, Labor, and Pensions ("HELP Subcommittee") at a hearing entitled: Redefining "Fiduciary": Assessing the Impact of the Labor Department's Proposal on Workers and Retirees.
At this hearing, a bipartisan group of lawmakers called on the U.S. Department of Labor (the "department") to abandon the current iteration of a proposed regulation to significantly expand the definition of "fiduciary" under the Employee Retirement Income Security Act of 1974. On September 19, 2011, the department announced that it would not finalize its proposed regulation, and would instead seek "additional input, review and consideration" from stakeholders and lawmakers prior to issuing a new proposal. We applaud this decision.
To read the full letter, click here
To read a December 13, 2011 response from the Department of Labor, click here
To read a January 27, 2012 request for additional information from Chairman Kline and Chairman Roe, click here
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