In prior BLPB posts (here and here), I have written about the proposed Department of Labor fiduciary rules changing the ERISA fiduciary definition to cover anyone who provides investment advice for a fee.  Under the current framework only registered Investment Advisers are fiduciaries, not broker-dealers.  This bifurcated legal standards and payment systems has led to confusion among the public and there is evidence that it has also cost retirement savings as a result of conflicted advice.  The proposed rules were released in April 2015 and the comment period was extended through September 2015.  The DOL received over 2800 comments and held 4 days of public hearing (transcripts available here) on the proposed changes. Earlier this month, the House held 2 committee hearings on H.R. 1090, the Retail Investor Protection Act, introduced by Rep. Ann Wagner (R-Mo) last February which would require the DOL to postpone its rule making until after the SEC issued it own standards on fiduciary duties– something the SEC is unlikely to do.  The House Financial Services Committee hearing transcript on the continued debate is available here.

-Anne Tucker