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Biz Groups Say Piwowar's Letter Backs Nixing Fiduciary Rule

Law360, New York (July 27, 2017, 2:04 PM EDT) -- Business groups and insurance companies that have asked the Fifth Circuit to strike down the Department of Labor’s fiduciary rule touted on Wednesday the support of U.S. Securities and Exchange Commission member Michael Piwowar, saying his recent criticism of the rule should weigh on the appeals court’s decision.

The rule, which began to take shape under President Barack Obama and went into effect this year, requires brokers to put their clients’ interests before their own when selling retirement investments and has so far survived court challenges....
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