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Committee Leaders Seek Information on Fiduciary Rulemaking

Dear Secretary Perez: 

President Obama recently directed the Department of Labor (DOL) to move forward with a repackaged rulemaking to expand fiduciary liability. DOL's initial attempt to regulate in this area in 2010 was roundly criticized by stakeholders and by lawmakers on a bipartisan basis and subsequently withdrawn. We continue to have strong reservations about any policy that could reduce access to retirement savings options and increase costs for lower and middle-income Americans. Additionally, we remain concerned this project could conflict with Securities and Exchange Commission (SEC) rulemakings authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Consequently, we write to request documents and communications demonstrating the coordination between DOL and SEC regarding DOL's ongoing project to expand fiduciary liability. 

To read the full letter to Secretary Perez, click here.

To read the department's response, click here

To read the March 24, 2015 follow up response, click here

To read the department's April 10, 2015 letter to the committee, click here.

To read a June 2, 2015 letter to the Department of Labor, click here.  

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