"One of the key concerns of lawmakers and the retirement industry was whether the DOL had effectively communicated with the [SEC] as the conflicted advice regulations were being drafted.... The DOL not only refused to provide copies of what might have been its key communications with the SEC, but evidence obtained by the Committee from the SEC paints a picture of the DOL attempting to influence SEC not to fully cooperate with the DOL; not to provide these requested communication records. SEC staff had also pointed out numerous flaws in the regulations. The upshot is that the DOL's claim to have actively and substantively worked hand-in-hand with the SEC in creating these regulations turns out to be a fiction."

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