Rep. Phil Roe Says DOL Should Hold Off on Fiduciary Rule Reboot
May 13, 2020 by Melanie Waddell
Rep. Phil Roe, R-Tenn., said Wednesday that the Labor Department should hold off releasing a fiduciary rule that aligns with the Securities and Exchange Commission’s Regulation Best Interest.
“I think I would wait,” Roe said in response to a question asked by ThinkAdvisor during a Zoom webcast meeting held by the American Council for Capital Formation. “Certainly the less rulings that can be rendered during a pandemic when people are just trying to keep their head above water, to delay any of those would be a good idea.”
Preston Rutledge, assistant secretary of Labor for the Employee Benefits Security Administration, will leave his post at the end of May.
As head of EBSA, Rutledge has been charged with spearheading Labor’s new fiduciary rule to align with Reg BI.