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House Financial Services Committee Schedules Hearing to Review DOL’s Latest Fiduciary Rule Proposal

House Financial Services Committee Schedules Hearing to Review DOL’s Latest Fiduciary Rule Proposal. Broker-dealers, Department of Labor, DOL, Financial Services Institute, FSI, independent contractor, registered investment advisors, RIAs

The House Financial Services Committee announced a hearing to examine the Department of Labor’s controversial new retirement security rule – commonly referred to as the fiduciary rule.

This comes after the two-day public, online hearing in December 2023 where it received mixed reviews. The American Retirement Association’s CEO, Brian Graff, highlighted the “significant regulatory gap” that the proposed rule would close, but a common objection was that the proposal is too similar to a 2016 rule finalized by the DOL.

The upcoming hearing is titled “Examining the DOL Fiduciary Rule: Implications for Retirement Savings and Access.” The final deadline to submit comments on the proposal was Jan. 2, 2024.

The subcommittee is chaired by Rep. Ann Wagner (R-MO), who previously introduced a bill in 2017 to replace the previous DOL Fiduciary Rule with the best interest standard.

The hearing will be held by the House Financial Services Subcommittee on Capital Markets on Wednesday, Jan. 10 at 10:00 a.m. EST.

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