Democrats Diss Draft Legislation To Scrap DOL Fiduciary Rule, Set Best-interest Advice Standard For Brokers


Democrats diss draft legislation to scrap DOL fiduciary rule, set best-interest advice standard for brokers

Democrats rejected on Thursday draft legislation to kill the Labor Department’s fiduciary rule and replace it with an investment-advice standard for brokers contained in the measure.In a two-hour hearing of a House Financial Services subcommittee, Democratic lawmakers defended the DOL regulation, which requires financial advisers to act in the best interests of their clients in retirement accounts.”I’m disappointed that we’re going through this exercise again,” said Rep. Carolyn Maloney, D-N.Y. “How many times do these efforts to repeal the fiduciary rule need to fail before my colleagues on the other side of the aisle realize that this …

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