Short DOL Fiduciary Rule Comment Period Faces Criticism
July 15, 2020 by Melanie Waddell
Lawmakers and public interest groups are balking at the short 30-day comment period the Labor Department has given for its newly proposed exemption for investment advice fiduciaries.
Labor “cut the minimum 60-day comment period in half to just 30 days,” said Stephen Hall, legal director and securities specialist for Better Markets, in a Wednesday statement. “And for another related rule, it skipped the comment period entirely and just declared it ‘final.’”
Hall called the 30-day comment period a “secretive approach to rulemaking [that] is unreasonable, unfair, and contrary to the law.”