The public comments the Department of Labor is receiving on its proposed fiduciary rule already are having an effect, Labor Secretary Thomas Perez said at June 23 Brookings Institution forum in Washington, D.C.
Perez said that among the comments they have received are expressions of concern regarding the best interest contract (BIC) exemption. The comments have been both pro and con — some are concerned “that the additional data retention and point-of-sale disclosure requirements are too cumbersome, challenging to implement and won’t provide significant benefits,” but that other comments express the opposite position.
Perez said that these comments are important because “they've already begun to sharpen our thinking about whether we should make changes to the exemption — for example, by eliminating any of those provisions I just mentioned, so that the proposal accomplishes its goals in the simplest, least burdensome way for all concerned.”
Perez said the DOL welcomes further comments: “We will read every comment we receive. We've received incredibly helpful input so far, and we're eager to hear more.” He added, “The more voices that are heard — the more open, inclusive and transparent the process — the stronger the new rule will be at the end of the day.”
Perez said that among the comments they have received are expressions of concern regarding the best interest contract (BIC) exemption. The comments have been both pro and con — some are concerned “that the additional data retention and point-of-sale disclosure requirements are too cumbersome, challenging to implement and won’t provide significant benefits,” but that other comments express the opposite position.
Perez said that these comments are important because “they've already begun to sharpen our thinking about whether we should make changes to the exemption — for example, by eliminating any of those provisions I just mentioned, so that the proposal accomplishes its goals in the simplest, least burdensome way for all concerned.”
Perez said the DOL welcomes further comments: “We will read every comment we receive. We've received incredibly helpful input so far, and we're eager to hear more.” He added, “The more voices that are heard — the more open, inclusive and transparent the process — the stronger the new rule will be at the end of the day.”
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