U.S. Chamber: DOL fiduciary rule ‘more egregious’ than past efforts

June 6, 2024 by John Hilton

The U.S. Chamber of Commerce is supporting plaintiffs asking a Texas judge for an injunction to halt a Department of Labor fiduciary rule from taking effect.

Chamber attorneys filed a 28-page amicus brief Friday in the Eastern District of Texas. The Federation of Americans for Consumer Choice filed the lawsuit May 2 against the DOL rule, formally asking for an injunction two weeks later.

The DOL Retirement Security Rule was published April 25 in the Federal Register. It extends a fiduciary standard of care to most annuity transactions, with the initial requirements taking effect Sept. 23.

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Originally Posted at InsuranceNewsNet on June 4, 2024 by John Hilton.