5/8/2015

18 House Dems Seek Longer Comment Period for Fiduciary Rule

 

Eighteen Democrats in the U.S. House of Representatives have urged the DOL to extend the comment period for its April 14 “conflict of interest” rule from 75 days to 120 days.

Eighteen Democrats in the U.S. House of Representatives have signed a letter urging the DOL to extend the comment period for its April 14 “conflict of interest” rule from 75 days to 120 days, Kevin Cirilli of The Hill reported May 7.  

The letter was initiated by Rep. Frederica Wilson (D-Fla.). 

The proposed rule is also facing opposition from Senate Democrats. The week after it was issued, a group that included Sens. John Tester (D-Mont.), Ben Cardin (D-Md.), Joe Manchin (D-W.V.), Joe Donnelly (D-Ind.) and Gary Peters (D-Mich.) met with Labor Secretary Thomas Perez to argue that the complex rule could backfire and make it harder for consumers to get investment advice. 

On April 23, Perez vowed that the DOL will not extend the 75-day comment period. If those remarks represent the final word on the subject, the comment period will end on Monday, July 6.