Nearly 30 congressional Democrats have joined forces to urge the Department of Labor to reconsider a proposal to change the meaning of the term fiduciary under the Employee Retirement Income Security Act. These legislators say they believe that instead of improving relationships among brokers, advisers and clients, the new rule would raise costs and limit information for individuals with savings plans. The lawmakers are asking the department to slow down the regulation and coordinate efforts with the Securities and Exchange Commission and the Commodity Futures Trading Commission.

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