The Financial Services Roundtable and other industry groups have welcomed an announcement that the Department of Labor plans to rethink a proposal to expand the definition of "fiduciary" status. "Right now our economy needs more Americans saving for retirement, not plans that reduce those options to save. We are pleased with this morning's announcement that the [Labor Department] will withdraw and re-propose its rule defining fiduciary duty. This is the right decision for the millions of American retirement plan holders, and the qualified professionals who help them," according to The Financial Services Roundtable. Read The Roundtable's news release on the Labor Department's decision.

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