In re: Fiduciary Rule
- Case Date: 4/13/2017
- Project Name: Civil Justice Reform
On April 13, 2017, in response to the Department of Labor’s invitation for feedback on the agency’s new definition of “fiduciary” in its Conflict of Interest Rule—better known as the “Fiduciary Rule”—WLF filed comments calling for the rule to be withdrawn in its entirety. WLF’s comments focused on the lack of discretionary authority DOL has in redefining the scope of “investment advice” under federal law. WLF argued that sweeping broker-dealers and other sales agents under the umbrella of DOL’s new definition distorts the meaning of “investment advice” and contradicts 40 years of statutory interpretation and common law understanding. WLF also argued that the rule oversteps First Amendment protections of free speech. As outlined in WLF’s comments, the rule cannot withstand either strict or intermediate levels of scrutiny required by a regulation that constricts speech.
|Awaiting agency action.|
More Information and Downloads:
|4/13/2017: Download the Comments|
|Press Release: WLF Calls on DOL to Withdraw Overly Expansive and Unconstitutional Fiduciary Rule|