The Department of Labor issued for public comment Tuesday the long-anticipated controversial redraft of its rule to amend the definition of fiduciary under the Employee Retirement Income Security Act.
Dennis Kelleher, CEO of Better Markets, applauded DOL’s release of its fiduciary plan. “Today is a day Wall Street hoped would never come: the American people get to see and comment on a rule to end a loophole that has allowed Wall Street to put its self-interest above the best interests of Americans saving for retirement. Today’s proposed rule would end that conflict of interest.”
Read the full ThinkAdvisor article by Melanie Waddell here.