Senators ask OMB to ensure fiduciary rules don't conflict

08/6/2013 | ThinkAdvisor

Ten Democratic senators have written to the Office of Management and Budget calling for a delay in the Labor Department's adoption of a fiduciary rule governing financial advisers working on retirement plans. The department should wait until the Securities and Exchange Commission decides whether to issue guidance on advice given to retail investors to make sure the two agencies' rules don't conflict, the senators wrote. The OMB must sign off on the Labor Department's rule proposals.

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