‘More Input’

The decision, according to the statement, was “in part a response to requests from the public, including members of Congress, that the agency allow an opportunity for more input on the rule.”

Since then, the Labor Department has kept pushing back the date for the new version of the rule. In late 2013, it put out a schedule setting the release for August 2014. Early this year, Borzi contacted outside supporters as she sought to build momentum on Capitol Hill, according to two people who participated in a conference call with her. Among groups active on the issue were AARP, the AFL-CIO and the consumer federation.

Again, the industry counter-attacked. Lobbyists raised the specter of the upcoming mid-term elections to force another delay, people familiar with the matter said.

Sifma and other trade groups recently contacted about 40 members of the House and Senate, many in tight races, and suggested they ask the Obama administration to postpone the rule until after the November elections, according to one person familiar with the strategy. The message, the person said, was that it was a bad time to hurt mom-and-pop investors still struggling in the wake of the financial crisis.

Shifting Donations

Brian Graff, head of the National Association of Plan Advisors, whose members serve employer-sponsored retirement plans, said that prime targets included Senators Kay Hagan of North Carolina and Mark Pryor of Arkansas, two Democrats “who don’t want another issue that could be used by their opponents.”

Political donations were a part of the effort. The Financial Services Institute rebalanced its giving toward Democrats, reversing its usual Republican tilt. The group also focused on the Congressional Black Caucus, making a contribution to Maxine Waters, the ranking Democrat on the Financial Services Committee, and seven other members of the group. All had signed letters to Labor opposing the rule.

First « 1 2 3 4 5 6 7 8 » Next