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SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. regarding developments related to the Department of Labor (DOL) fiduciary rule:
“On Friday, the Department of Labor sent the final version of its latest fiduciary rule to the Office of Management and Budget, the last stage of the regulatory process before the publication of a final rule, only two months after the close of the comment period on the proposal. The fact that the Department rushed the comment period and now is rushing a final rule makes clear the process was never designed to obtain and thoughtfully consider input from stakeholders or conduct robust cost-benefit analysis. Even with its flawed and subsequently vacated 2015 rule proposal, the Department spent nearly a year reviewing comments and talking to stakeholders. In this instance, it is obvious the outcome of this rulemaking was pre-baked and politically driven. Unfortunately, such a hasty approach will result in policy that does not ensure consistent investor protection and will limit investors’ access to advice and education and their ability to choose how they receive that advice and education. The Department’s haste also indicates it is not making the changes needed to rectify legal errors in the proposal, which was in clear conflict with the 2018 court decision striking down the Department’s last fiduciary rule.”
