U.S. Chamber: DOL overstepped its authority with fiduciary rule
July 26, 2016 by Melanie Waddell
The Department of Labor, in finalizing its fiduciary rule, “has sought to transform the financial services and insurance industries, stepping far beyond its authority” under the Employee Retirement Income Security Act and the IRS Code governing individual retirement accounts, the U.S. Chamber of Commerce argues in latest brief filed Monday in federal court in Texas.
DOL’s rule makes “radical” changes to the term “fiduciary,” which “is not animated by a change in its perception of what ‘fiduciary’ means,” but reflects Labor’s “discontent with aspects of the securities laws, mutual funds, broker-dealers, and other matters outside the Department’s authority and expertise,” the Chamber argued in its motion for summary judgment.
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