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The DOL Fiduciary Rule: How a Flawed Process Could Hurt Retirement Savers
Majority Staff of the Committee on Homeland Security and Governmental Affairs, U.S. Senate Link to more items from this source
Feb. 24, 2016
40 pages. "[1] Despite public assurances that the [DOL] had collaborated with the SEC, emails between a [DOL] employee and an SEC expert reveal discord between the agencies about the rulemaking.... [1] Career, non-partisan SEC staff identified at least 26 items of concern related to the substantive content of the proposed rule, and the [DOL] declined to fully resolve all of the concerns ... [3] The [DOL] rejected the SEC's recommendation and ignored the requirements of Executive Orders 12866 and 13563 to quantify the costs and benefits of alternative approaches.... [4] Treasury officials voiced concerns that the [DOL] 's proposal, by attempting to regulate IRAs through the proposed rule, 'fl[ies] in the face of logic' and was contrary to Congressional intent.... [6] The Administration was predetermined to regulate the industry and sought evidence to justify its preferred action."

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