The White House is pressuring the federal Department of Labor to come up with a fiduciary rule for financial advisors who give advice to retirement plan participants, Charles Schwab lobbyist Michael Townsend told Financial Advisor magazine Tuesday.

In the last several months, Townsend pointed out White House National Economic Council Director Jeffrey Zients and Labor Secretary Thomas Perez have held joint meetings with trade groups on the controversy. They have met with the Securities Industry and Financial Markets Association, the Financial Services Roundtable and the American Council of Life Insurers, he said.

“The fact the administration has gotten more involved shows they are trying to get this issue resolved and off the table. It has been around for five years,” the Schwab lobbyist said.

He predicted DOL will get a proposal to the Office of Management and Budget in the first half of this year for an internal Administration review.

But given the recent history of failed Labor efforts to give birth to a public fiduciary proposal, Townsend said, he was unwilling to guess if one being readied for OMB will become enacted.

On another issue, the lobbyist said he doesn’t see the Securities and Exchange Commission coming out with a fiduciary standard for broker-dealers this year.

“There is no sense of movement in that direction,” said Townsend.