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Is DOL Out of Bounds with Proposed Fiduciary Rule?
ThinkAdvisor Link to more items from this source
Dec. 11, 2015

"Former House Financial Services Committee Chairman Spencer Bachus as well as the [SEC's] former inspector general, David Kotz, agreed Tuesday that the [DOL] is out of bounds by moving forward on a rule to amend the definition of fiduciary for retirement advice. 'From a statutory standpoint, the DOL has no jurisdiction' to regulate investment and retirement products by amending the definition of fiduciary under [ERISA, Bachus said]."

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