Removing Barriers Blog

Senator Tim Scott Questions SEC Nominees about DOL Fiduciary Rule
Posted March 15, 2016 by CUNA Advocacy

At a Senate Banking Committee hearing for two Securities and Exchange Commission (SEC) nominees today, Senator Tim Scott (R-SC) expressed concern that data seems to show that small investors would be worse off once the Department of Labor (DOL) fiduciary rule is finalized, than without it.  Senator Scott indicated that there are bipartisan concerns about the DOL’s lack of collaboration with the SEC, citing concerns from several dozen House Democrats. 

The Senate Committee on Homeland Security and Government Affairs recently published a report entitled, “The Labor Department’s Fiduciary Rule: How a Flawed Process Could Hurt Retirement Savers,” which also questioned whether the DOL disregarded concerns form other agencies including the SEC.

This question amplifies concerns that we have expressed.  Both nominees said that they would like to examine the issue further if confirmed. The two SEC nominees are Lisa M. Fairfax, of Maryland and Hester Maria Peirce of Ohio.