The assault on the fiduciary rule proposed by the U.S. Department of Labor (DOL) has intensified. Republicans from the House Committee on Education and the Workforce recently asked Labor Secretary Thomas Perez to “immediately withdraw” the rule. Why? Because they believe it will “reduce investment options and increase costs for retirement savers.”
The Financial Industry Regulatory Authority (FINRA), a not-for-profit organization authorized by Congress “to protect America’s investors by making sure the securities industry operates fairly and honestly,” piled on. In its comment letter, FINRA told the DOL that the proposed rule will cause broker-dealers to abandon small accounts, among other issues.
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