Secretary of Labor Perez Moves Forward with Fiduciary Standards Proposal

Responding to Congresswoman Ann Wagner, who had urged that the Department of Labor to “re-propose [the Conflict of Interest] rule to ensure that it achieves its stated goal of protecting Americans saving for retirement,” U.S. Secretary of Labor Thomas E. Perez said he would push ahead with the current rulemaking.

Lofchie Comment: The Secretary’s letter reflects his determination to move forward with the rulemaking rather than repropose the rule. This determination is in apparent contravention of a majority in Congress (judging from the number of Congress members who have written to the Secretary, including members from both parties), and is likewise inconsistent with the stated views of other regulators with jurisdiction over the area, including the SEC.