The Department of Labor issued a final rule delaying the applicability date of the DOL’s rule defining who is a fiduciary under ERISA and Section 4975 of the Internal Revenue Code in connection with the provision of investment advice and certain related prohibited transaction exemptions (including the Best Interest Contract Exemption and the Principal Transaction Exemption) by 60 days.
Forty House Democrats urged the Acting Secretary of the DOL Office of Regulations and Interpretations Employee Benefits Security Administration to reconsider the DOL's proposed delay of the fiduciary rule.
U.S. District Court for the Northern District of Texas Dallas Division Chief Judge Barbara M.G. Lynn denied a motion for summary judgment by the Chamber of Commerce, et. al. to challenge and vacate the heightened fiduciary standards mandated by the DOL fiduciary rule.
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.
Senator Elizabeth Warren (D-MA) and Representative Elijah E. Cummings (D-MD) argued that "insurers and financial firms provide much more optimistic assessments when they speak to their own investors" than in their "dire and unsupported public predictions and official comments to the Department of Labor about the impact of the proposed Conflicts of Interest rule."