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Mary Jo White

Think Advisor: GOP Lawmakers: DOL Should Wait Its Turn on Fiduciary

"The Securities and Exchange Commission, not the Department of Labor, should lead the way on fiduciary rulemaking for BDs, two Republican lawmakers said in a letter Tuesday.

"The chairmen of the House and Senate Appropriations Subcommittees on Financial Services and General Government told Shaun Donovan, director of the Office of Management and Budget, in a Tuesday letter that the Department of Labor’s attempt to redefine fiduciary on retirement plans before the SEC decides how it will proceed will lead to “inconsistent and overlapping” regulatory requirements for brokers.