FEBRUARY 11, 2016 | By Melanie Waddell | Think Advisor
Warren and Rep. Cummings tell OMB to ‘quickly finalize’ rule as insurers are telling investors they can deal with the rule’s outcome
Sen. Elizabeth Warren urged Office of Management and Budget Director Shaun Donovan Wednesday to “quickly finalize” the Department of Labor’s rule to change the definition of fiduciary on retirement advice because large insurance companies and financial services firms have been exaggerating the negative impacts of the rule.
In her letter to Donovan and Labor Secretary Thomas Perez, which was sent jointly with Rep. Elijah Cummings, D-Md., ranking member of the House Committee on Oversight and Government Reform, Warren states that while firms like Prudential Financial, Lincoln National, Jackson National and Transamerica have publicly chided DOL’s rule to change the definition of fiduciary under the Employee Retirement Income Security Act, they are telling their investors the rule “will have no significant impact on their companies.”
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