Investor Protection

DOL Urged to Provide Reasonable Opportunity for Comment on Anti-Investor Advice Rule

Washington, D.C. – The Department of Labor has provided an unreasonably short, 30-day comment period for its regulatory proposal to allow increased conflicts of interest in retirement investment advice. 21 groups sent a letter to DOL urging them to provide a 90-day comment period more in keeping with the serious implications of the issue for millions of American workers and retirees.

“A 30-day comment period is an unreasonably short amount of time to provide thoughtful and comprehensive comments on this complex and highly technical proposal, which would affect our constituencies—including virtually all Americans struggling to save for retirement—in varied and far-reaching ways,” the groups wrote.