According to court filing, Department of Labor to seek delay of “fiduciary rule” despite seven years of robust examination by Congress, Administration, industry, stakeholders
Led by Murray, Senate, House Ranking Members warned Secretary of Labor Acosta last month delay would cause “considerable financial harm” for retirees—LINK
(Washington, D.C.) – Senator Patty Murray (D-WA), Ranking Member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, today issued the following statement on reports the Department of Labor will seek to delay critical protections requiring financial advisers to act in their clients’ best interests when giving advice about retirement plans.
“If true, this is deeply disappointing and yet another example of how President Trump has shattered his promises to ‘drain the swamp’ and stand with working families,” said Murray. “Once again, I urge the Administration to reverse course on their harmful efforts to weaken these protections for retirement savers and instead implement the final rule as intended, which has now been more than seven years in development.”