Trump’s DOL Wants to Bury a Conflict of Interest Rule.
DAY 64 ACTION: Email the Department of Labor (EBSA.FiduciaryRuleExamination@dol.gov) and tell them to implement the Fiduciary Rule!
Elizabeth Warren persists . . . in protecting consumers. Credit: Senate TV via AP.
“Doctors and druggists wash each other’s hands.” Chaucer, Canterbury Tales
Your calls worked! The House Democrats are united against TrumpCare, and Republican leadership is scrambling for support. Speaker Ryan called off the vote yesterday; Trump then demanded an up-or-down vote today.
While the TrumpCare debacle unfolds on center stage, other rollbacks are taking place behind the scenes. For instance, the Department of Labor’s Fiduciary Rule is less well known but likewise under threat. The rule expands conflict of interest rules, to ensure that third parties are not paying your financial planner to sell you particular investments. The rule was finalized last April, but Obama’s DOL delayed application by one year to give industry time to prepare. Last summer, the Republican Congress tried to kill the rule; President Obama vetoed their attempt.
The Chamber of Commerce sued to overturn the rule, but last month, a Texas court threw out industry’s challenge. So for now, the battle is joined at the Department of Labor.
After two weeks in office, President Trump called on the DOL to revisit the rule. The agency then proposed to delay the rule 60 days, and asked for public comment on the delay and the rule itself by April 17, 2017.
THANKS to Ashlea Ebeling at Forbes for this helpful timeline of events for the rule.
Today’s Action: Email the DOL (EBSA.FiduciaryRuleExamination@dol.gov) and tell Secretary Acosta to implement this common-sense conflict of interest rule right away. This link provides a sample email.