U.S. Representatives French Hill (R-AR), David Scott (D-GA), and Ann Wagner (R-MO) urged the DOL to "cease its efforts" to adopt the "Retirement Security Rule" proposal "to prevent needlessly inflicting harm on millions of retirement savers across the country."
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SIFMA and SIFMA Asset Management Group urged the DOL to withdraw its latest version of the "Retirement Security Rule" proposal and accompanying prohibited transaction exemption amendments that would expand the activities resulting in a person being deemed an "Investment Advice Fiduciary."
The Investment Company Institute reiterated “significant concerns” after the DOL reopened the comment period on the Employee Benefits Security Administration’s proposed amendments to the Qualified Professional Asset Manager Exemption.
The DOL reopened the comment period on the Employee Benefits Security Administration’s proposed amendments to the Qualified Professional Asset Manager or "QPAM" class exemption.
President Joseph R. Biden vetoed a resolution by Congress to disapprove the DOL's final rule explicitly allowing ERISA plan fiduciaries to consider environmental, social and governance factors when selecting investments and exercising certain shareholder rights.