Labor Dept. Quiets Fiduciary Critics, If Only For A Day
Law360, New York (April 6, 2016, 11:00 PM EDT) -- The Wall Street sabers that rattled as the U.S. Department of Labor prepared its controversial fiduciary duty rule nearly fell silent on Wednesday, a sign that the broad concessions the Obama administration made to the final rule took a lot of the fight out of its critics.
Compared to the outcries of regulatory overreach that had stalked the Labor Department’s effort over the past year, the response of powerhouse lobbies that campaigned against imposing a fiduciary duty on those who advise retirement savers was decidedly more muted.
Groups such as the Securities Industry and Financial Markets Association and the American Council...
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