DOL fiduciary rule: On a collision course with the law?
August 16, 2016 by Warren S. Hersch
If the Department of Labor’s final fiduciary rule were an infrastructure project, perhaps the best analogy would be to a catastrophically leaky dam.
Like their peers in the civil engineering world, insurance and financial services experts assessing the legal foundations of the DOL’s hole-ridden edifice — a 1,000-plus-page document that stretches definitions, makes new jurisdictional claims and defies historical precedent — have to ask themselves this question: When (not if) will the department’s paper dam break?
That’s the conclusion to be drawn if a growing number of critics are right in their assertion that the department badly overstepped its authority in promulgating its “conflict of interest final rule” last April. Those critics are now fighting back in the courts, and it’s a fair bet that the rule will meet its demise there, potentially this month.
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