"The potentially wide reach of [the proposed rule] has drawn widespread criticism across the financial industry. The ERISA Industry Committee ... said the rule would apply to a 'vast swath of tools' that investors rely on daily, including those related to helping investors save for retirement.... 'It is so far out of bounds, it's more like a concept release than a rule proposal,' said Chris Iacovella, CEO of the American Securities Association ... 'There is nothing for the chairman to do other than throw it in the garbage.' "  MORE >>