Benefits Partner Quoted in FundFire on the DOL’s Intention to Revise its Fiduciary Rule
Labor Secretary Alexander Acosta confirmed in testimony before the House Education & Labor Committee on May 1 that the Department of Labor announced it would revise its fiduciary rule by December. An article published by FundFire on May 29 titled “DOL's New Fiduciary Proposal May be Less Onerous for Wealth, Retail Firms” focuses on how industry lawyers expect a new proposal to be a less burdensome standard of conduct, quoting tax & benefits partner Josh Lichtenstein.
Firms that had made major changes to their overall businesses to comply with the original DOL proposal may find that they are not “swept up in the rule in the same way,” says Mr. Lichtenstein. “We will have to wait and see what it looks like, but my gut instinct is that any rule will not be as sweeping as the last one,” he says.