Lawmakers Tell DOL to ‘Cease’ Work on New Fiduciary Rule

September 1, 2023 by Melanie Waddell

Top lawmakers on the Senate Health, Education, Labor and Pensions (HELP) Committee and the House Education and the Workforce Committee told Acting Labor Secretary Julie Su on Thursday to “cease further action” on a new fiduciary rule.

Sen. Bill Cassidy, R-La., ranking member of the HELP Committee, and Rep. Virginia Foxx, R-N.C., chairwoman of the Education and the Workforce Committee, told Su in a letter that they oppose Labor’s continuing efforts to promulgate a rule on “Conflict of Interest in Investment Advice” to revise the definition of fiduciary under Section 3(21) of the Employee Retirement Income Security Act.

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Originally Posted at ThinkAdvisor on August 31, 2023 by Melanie Waddell.