U.S. Lawmakers Slam Labor Department for Fiduciary Plan

From Reuters

* Labor Department’s data request “impractical” -lawmakers

* Plan may restrict investor access to advice -lawmakers

* Flap likely to stall plan until after presidential election

By Suzanne Barlyn

June 27 (Reuters) – The U.S. Department of Labor’s divisive plan to establish more stringent legal responsibilities for retirement plan advisers could be in trouble.

U.S. House Democrats lashed out at the Labor Department in a letter this week over its efforts to revise a controversial proposal that would update the definition of “fiduciary” under the Employee Retirement Income Securities Act, or ERISA… [Read the full article]

[Read the  letter sent to Labor Department Secretary Hilda Solis, signed by 33 Democratic lawmakers]