Foxx Demands Su Give Retirement Savers Chance to Comment on Damning Fiduciary Rule
WASHINGTON, D.C., November 17, 2023
WASHINGTON – Today, Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) sent a letter to Department of Labor (DOL) Acting Secretary Julie Su urging the Employee Benefits Security Administration (EBSA) to extend its public comment period and hold a public hearing after the comment period closes on its proposed fiduciary rule package (Proposal) that will hurt millions of retirement savers.
In the letter, Foxx writes: “Because this far-reaching regulatory change will impact countless retirement plans, retirees, and savers, I am concerned that DOL provided only for a 60-day public comment period. … DOL’s proposed comment period lasts only 39 working days, as there are multiple federal holidays during this period. This time is inadequate for the retirement community to digest the consequences of the Proposal fully and to provide meaningful feedback.”
The letter continues: “Stakeholders in the retirement community are expressing concerns that EBSA does not intend to consider fully the filed comments and that the agency has already determined a course of action. … It appears that EBSA designed the comment period to prevent fulsome interaction with the community that would be charged with implementing its disastrous proposal.”
The letter goes on: “[EBSA Assistant Secretary Lisa Gomez’s] statement seems to confirm that the public is being served a regurgitation of the same old rule and that EBSA has predetermined the outcome in violation of the [Administrative Procedure Act].”
To read the full letter, click here.