Industry groups opposing DOL fiduciary rule maximize spending on author of bill to kill measure

August 8, 2017 by Mark Schoeff Jr.

Several financial industry trade associations that oppose the Labor Department’s fiduciary rule have maximized their campaign spending on the author of legislation that would kill the rule.

In the first half of year, the Financial Services Institute, the Securities Industry and Financial Markets Association, the Investment Company Institute and the National Association of Insurance and Financial Advisors have each contributed $10,000 to Rep. Ann Wagner, R-Mo., whose bill would eliminate the DOL regulation and replace it with a best-interest advice standard for brokers outlined in the measure. The figures are contained in the groups’ filings with the Federal Election Commission.

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Originally Posted at InvestmentNews on August 4, 2017 by Mark Schoeff Jr..