DOL Issues
Secretary of Labor Alexander Acosta is now on record saying he won’t delay implementation of the fiduciary regulation. He chose a very public means of doing so: an op-ed in The Wall Street Journal (subscription required) in which he states that “the Labor Department has concluded that it is...
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The new “transition” exemptions soon will apply to recommendations for IRAs. MarketBeat discusses a blog post in which Fred Reish looks at how to prepare for that shift.
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Citing an ARA report, three Senate Democrats have pressed Secretary of Labor Alexander Acosta regarding comments that he wanted to find a way to freeze the fiduciary rule and make it “stick.” The letter, signed by Sens. Patty Murray (D-WA), Elizabeth Warren (D-MA) and Corey Booker (D-NJ), recalled...
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President Trump may have signed legislation pulling back the Obama administration’s ERISA safe harbor guidance for state-run auto IRAs, but California officials say they don’t need it.In a press release, California State Treasurer John Chiang and Senate President Pro Tempore Kevin de León (D-Los...
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President Trump has signed legislation that overturns the Obama administration’s ERISA safe harbor rule for state-run auto-IRA programs for private sector workers.He signed the legislation on the last day he could to avoid a pocket veto of the measure. On May 3 the Senate passed H.J. Res. 66 by a...
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No sooner had the U.S. Senate voted to unwind the Obama administration’s safe harbor exempting state-run auto-IRA programs from ERISA, than a pair of Senate Democrats introduced legislation designed to restore the exemption. The Preserve Rights of States and Political Subdivisions to Encourage...
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One of the more novel legal arguments opposing the fiduciary regulation has resurfaced in an amicus (friend of the court) filing.Arguing on behalf of plaintiffs (including the Chamber of Commerce) in the U.S. Court of Appeals for the Fifth Circuit, the Washington Legal Foundation (WLF), a nonprofit...
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Labor Secretary Alexander Acosta says the Department of Labor’s (DOL) fiduciary rule is his number one priority, and that he is actively seeking a way to freeze the rule that will “stick.”Acosta’s comments were made during a meeting with Sen. Tim Scott (R-SC), according to a communication from...
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Concerned about reports that the Labor Department’s delay of the fiduciary rule was crafted to undermine President Trump’s directive to reexamine the rule’s impact, House Republicans are looking for some answers — and some face time. In an April 28 letter to Secretary of Labor Secretary Alexander...
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Its efforts having fallen short in the courts, a trade group has launched a grassroots campaign to derail the Labor Department’s fiduciary regulation. The National Association for Fixed Annuities (NAFA) says it has launched a White House grassroots campaign “…because we want the Administration to...
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Oregon Treasurer Tobias Read has expressed determination to continue pursuing OregonSaves, the state-run auto-IRA program for private sector workers, regardless of the U.S. Senate’s May 3 passage of H.J. Res. 66, a measure that — if President Trump signs the measure, which he is expected to do —...
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The House Financial Services Committee approved legislation May 4 that would rein in the Consumer Financial Protection Bureau and provisions of Dodd-Frank, and repeal the Department of Labor’s (DOL) fiduciary rule.The 34-26 vote along party lines followed three days of intense debate regarding the...
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Senate Republicans feel they have the votes to undo the Department of Labor’s (DOL) rules crafting a safe harbor that exempted states’ auto-IRA programs from ERISA. The vote on H.J. Res. 66, a Congressional Review Act (CRA) resolution cancelling the Obama administration’s regulation on state...
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The U.S. Senate has confirmed Alexander Acosta as Secretary of Labor. The Senate voted 60-38 in favor of confirming Acosta on April 27. He was approved March 30 by the Senate Health, Education, Labor and Pensions (HELP) Committee on a 12-11 party-line vote. Currently Acosta serves as dean of...
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Senate Majority Leader Mitch McConnell (R-KY) has taken a procedural step to advance the confirmation vote for President Trump’s nominee for Secretary of Labor.Alexander Acosta was approved March 30 by the Senate Health, Education, Labor and Pensions (HELP) Committee on a 12-11 party-line vote....
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Senate Majority Leader Mitch McConnell (R-KY) has taken a procedural step to advance the confirmation vote for President Trump’s nominee for Secretary of Labor.Alexander Acosta was approved March 30 by the Senate Health, Education, Labor and Pensions (HELP) Committee on a 12-11 party-line vote....
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Senate Majority Leader Mitch McConnell (R-KY) has taken a procedural step to advance the confirmation vote for President Trump’s nominee for Secretary of Labor. Alexander Acosta was approved March 30 by the Senate Health, Education, Labor and Pensions (HELP) Committee on a 12-11 party-line vote....
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A new white paper says that fund changes already underway in response to the Department of Labor’s (DOL) fiduciary regulation may well have broad beneficial effects.According to “Early Evidence on the Department of Labor Conflict of Interest Rule” by Morningstat’s Director of Policy Research Aron...
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Republican members of the House Committee on Education and the Workforce are pushing to see that the applicability date of the fiduciary regulation is fully postponed until the impact has been reassessed. A letter from the 22 members to Acting Labor Secretary Edward Hugler seeks to clarify that...
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Among other changes, the American Retirement Association has requested that the Labor Department change the Best Interest Contract (BIC) Exemption to eliminate reliance on the plaintiffs’ bar as an enforcement mechanism. Perhaps the most controversial aspect of the current fiduciary regulation is...
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