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Letter from Republican Senators to DOL on Proposed Fiduciary Definition and Its Effect on ESOPs (PDF)
Senators Mitch McConnell, John Thune, Kelly Ayotte and Roy Blunt [Opinion] Aug. 1, 2013 "We share these myriad concerns over the proposed rule's negative impact on investors and do not want to see access to investment advice narrowed. Furthermore, we write today to also share our grave concern over the less often discussed harm it poses to our nation's [ESOP] companies.... We find it troubling that ... the success of ESOPs are seemingly ignored by [the DOL].... The Labor Department's efforts to expand the definition of fiduciary to include independent ESOP appraisers will only hurt the very employees it seeks to protect." |
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