From: ThinkAdvisor
On one-year anniversary of Obama endorsement of the proposal, ICI sends letter to the OMB about DOL’s justification for the rule
By Melanie Waddell, Washington Bureau Chief, Investment Advisor Magazine
Letters of opposition continue flowing into the Office of Management Budget as it reviews the Department of Labor’s rule to change the definition of fiduciary on retirement advice.
The Investment Company Institute on Monday told OMB’s Office of Information and Regulatory Affairs (OIRA) that DOL’s rule must include “significant new data” in its regulatory impact analysis to support DOL’s “massive overhaul of the retirement marketplace” and said there were three major factual holes in the DOL’s proposal.