Eight members of the House Financial Services Committee who also belong to the Congressional Black Caucus are concerned about a possible Department of Labor change to expand the definition of "fiduciary." The change was first proposed in 2010, then scrapped after it met resistance. "We maintain concerns that if the re-proposal reflects the department's initial fiduciary proposal, it could disparately impact retirement savers and investment representatives in the African-American community," states the letter, signed by Rep. Maxine Waters, D-Calif., and seven others.

Related Summaries