Maxine Waters, the lead Democrat on the House Financial Services Committee, said Wednesday the Department of Labor’s fiduciary rule is in good shape in Congress following the unsuccessful attempts of Republicans to kill it in the omnibus federal budget bill.
She credited House Minority Leader Nancy Pelosi with staving off the attacks.
While indicating another major Congressional effort to kill the proposed rule is unlikely, the Los Angeles Congressman said it cannot be ruled out.
“You can never tell what is going to happen here,” said Rep. Waters.
The conventional wisdom is the courts the next forum for financial industry opponents to try to upend the proposal will come in the courts after it is finalized which is expected next year.
Powerhouse Primerica has hired attorney Eugene Scalia, often cited as the industry’s go-to lawyer to fight financial regulations.
Spokespersons for the Financial Services Roundtable and the Insured Retirement Institute, both vocal opponents of the rule, said their groups aren’t currently planning suit.
FSR is composed of the largest financial institutions in the nation while IRI represents the annuity industry.
Maxine Waters: Fiduciary Rule In Good Shape In Congress
December 16, 2015
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Henceforth, these changes may be referred to as The Primerica Act?
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Rep.Pelosi is wealthy enough to pay recurring fees for a finanical planner. It is most likely after so many years in Congress that Rep. Maxine Waters is also well off enough to not have to work with a commission-based financial professional. However, I think it is disgraceful for Maxine Waters that if these DOL fiduciary rules go into effect, lower income and lower net worth black Americans will no longer be able to work with either a fee-based financial planner or a commission-based financial professional. They will be SOL, except if they start putting money into a myRA. And then they will just be suckers who won't even beat inflation and will be another source of funds for the Treasury to finance the huge Federal deficit. Frank P, CLU, ChFC