Soothing Tweaks

The industry also took its arguments to Labor Secretary Thomas E. Perez, who in public comments had been supportive of Borzi’s effort. Sifma and other groups circulated a study from the U.S. Hispanic Chamber of Commerce in May that said almost half of the small business owners it polled would cut back employee matches or raise fees for their retirement programs if the definition of fiduciary duty were expanded.

The survey was co-sponsored by law firm Davis & Harman LLP, which said it was commissioned “on behalf of a coalition of financial services organizations that provide retirement services to millions of Americans.”

Xochitl Hinojosa, a spokeswoman for Perez, didn’t respond to requests for comment.

When the Labor rule is finally proposed, the new version will have tweaks designed to soothe some industry concerns, Borzi has said.

Few expect the changes to end the long dispute.

“There is a high level of expectation that come next year, this will be a battle,” Graff said.

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