The New York State Department of Financial Services urged the DOL to reconsider a proposed amendment that requires plan fiduciaries to recommend investments based solely on financial considerations, arguing that the amendment would discourage the consideration of environmental, social and governance-related investments.
The U.S. Department of Labor proposed amending the "Investment duties" requirement under the Employee Retirement Income Security Act of 1974 to clarify that fiduciaries must make investment decisions based solely on risk-adjusted economic value.
The Attorneys General of New York, California and Oregon requested that the Fifth Circuit Court of Appeals reconsider its recent decision to deny a Motion to Intervene in connection with the vacated DOL fiduciary rule.
The Department of Labor provided guidance on responsibilities for plan fiduciaries and other stakeholders regarding shareholder rights, written statements of investment policy, and economically targeted investments.
At a hearing before the House Financial Services Subcommittee on Capital Markets, Securities, and Investment, several industry groups called for repeal of the DOL Fiduciary Rule and expressed support for a proposed "standards of conduct" bill.
President Donald J. Trump signed (i) an Executive Order setting forth "Core Principles for Regulating the United States Financial System" and (ii) a memorandum regarding the Department of Labor’s fiduciary rulemaking.
SIFMA and numerous financial associations filed a complaint against the Department of Labor with the U.S. District Court for the Northern District of Texas. The complaint would strike down an "overreaching" DOL fiduciary rule.
House Representatives urged the DOL to replace it's proposed fiduciary rule with the "bipartisan" Affordable Retirement Advice Protection Act and its companion, the Strengthening Access to Valuable Education and Retirement Support.
SIFMA urged the DOL to re-propose (i) its proposed fiduciary regulatory package and (ii) associated prohibited transaction exemptions, before adopting final rules. In supplementary comments to the Employee Benefits Security Administration, SIFMA recommended, among other things, that the DOL...
On September 10, the House Financial Services Committee, Subcommittee on Capital Markets and Government Sponsored Enterprises held a hearing to a discuss the Department of Labor fiduciary rulemaking proposals. A number of members of the committee majority criticized the DOL's proposed rules and...
The House Education and the Workforce Subcommittee on Health, Employment, Labor, and Pensions held a hearing titled "Restricting Access to Financial Advice: Evaluating the Costs and Consequences for Working Families and Retirees." The hearing examined the proposal by the Department of Labor ("DOL...
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