Mixed Reviews on Wagner Bill to Scrap DOL Rule

July 18, 2017 by John Hilton

New legislation proposed by Rep. Ann Wagner, R-Mo., would create a new advisory standard somewhere between fiduciary and suitability, said Rep. David Scott, D-Ga.

Scott, who has worked with Wagner on various fiduciary rule alternatives, is not on board with the congresswoman’s latest bill — unveiled today during a House Financial Services subcommittee hearing.

“This bill is a very troubling bill,” said Scott, adding that it “undermines the SEC’s rulemaking authority in this space. What if the market evolves? … Why are we being so prescriptive in drafting this bill? Why don’t we allow the SEC to do their job.”

Click HERE to read the full story via INN; subscription required.

Originally Posted at InsuranceNewsNet on July 13, 2017 by John Hilton.