Little talk of the proposed fiduciary rule has emerged from the US Labor Department since its public hearing on the issue.
Opponents of the Department of Labor’s attempt to regulate broker-dealers say they anticipate a pitched fall battle over the so-called Conflict of Interest Rule.
Since the DOL’s four-day public hearing wrapped up two weeks ago, the department has been quiet. A transcript of the hearing’s 25+ hours is expected to be released soon after Labor Day.
Opponents say Rep. Ann Wagner, R-Mo., will re-introduce her bill, called the Retail Investor Protection Act, when Congress returns next month. It would prohibit the SEC from issuing a uniform standard of conduct without first showing that harm would come to retail investors without it.
The bill would also block the DOL from acting on a standard of care until the SEC issued its final ruling on standards governing the conduct of brokers.
Groups such as the Americans for Annuity Protection (AAP) and the National Association for Insurance and Financial Advisors (NAIFA) are working behind the scenes to keep up the lobbying pressure through the end of the year.
NAIFA members continue to discuss the proposal with lawmakers, and the association is seeking an additional meeting with Labor officials. “We don’t feel we’re letting off of the gas at all,” President Juli McNeely said.