DOL Has No Authority For Fiduciary Rule, DC Circ. Told
August 17, 2017 by Carmen Germaine
Law360, New York (August 16, 2017, 8:02 PM EDT) — The National Association for Fixed Annuities urged the D.C. Circuit on Tuesday to revive the group’s challenge to the U.S. Department of Labor’s fiduciary rule for retirement account advisers, saying the regulation threatens to upend the fixed annuities industry and exceeds the agency’s authority.
NAFA filed its opening brief in the appeal Tuesday, seeking to overturn U.S. District Judge Randolph D. Moss’ November 2016 decision dismissing the insurance trade organization’s claims that the rule runs counter to Congress’ intentions in drafting the Employee Retirement Income Security Act.
“While each action taken by DOL is individually infirm under the Administrative Procedure Act, the collective impact of these actions is an astonishing arrogation of powers that Congress never intended to give to DOL,” NAFA said Tuesday.
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