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.
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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.
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.
The U.S. Senate Committee on Banking considered testimony from industry experts on the challenges, benefits and potential future development of FinTech.