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DOL Denies Fiduciary Rule Comment Extension, Schedules Online Hearing for Dec. 12

DOL Denies Fiduciary Rule Comment Extension, Schedules Online Hearing for Dec. 12. Broker-dealers, Department of Labor, DOL, Financial Services Institute, FSI, independent contractor, registered investment advisors, RIAs
DOL Denies Fiduciary Rule Comment Extension, Schedules Online Hearing for Dec. 12. Broker-dealers, Department of Labor, DOL, Financial Services Institute, FSI, independent contractor, registered investment advisors, RIAs

The request to extend the comment period for the U.S. Department of Labor’s Retirement Security Rule has officially been denied.

As The DI Wire previously reported, the DOL says the new proposals seek to crack down on “junk fees” that, the White House claims, cost middle-class retirement savers a significant portion of their savings. In response, 18 trade groups, including ADISA and the IPA, signed a request to the DOL requesting an extension of the 60-day comment period on its new fiduciary rule.

Lisa Gomez, assistant secretary of Labor for the Employee Benefits Security Administration, wrote in response that, “EBSA does not intend to extend the comment period or delay the hearing.”

According to Gomez, “EBSA believes that its current proposal reflects significant input it has received from public engagement with this project since 2010, and looks forward to another robust comment period, public hearing, vigorous public debate, and stakeholder meetings.”

A public hearing is scheduled for Dec. 12, 2023, and the comment period expires Jan. 2, 2024.

The DOL says the online hearing will begin at 9am ET on Dec. 12 and Dec. 13. The hearing may be continued on Dec. 14 if necessary. Anyone interested in testifying is required to submit a request to the department at www.regulations.com no later than Nov. 29.

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