If the revamp “looks too much like the original proposal, we’re prepared to deal with it,” Brown said, referring to the DOL’s first plan, floated in 2010, which encountered huge opposition.

Brown declined to say whether a Republican administration would be more hostile to the DOL’s effort, but observers expect it would be more difficult for the department to act without the kind of White House support evident in the recent memo.

The securities industry is concerned that the DOL fiduciary rule would limit commission-based products in IRAs, and harm smaller investors who often get advice from commissioned brokers.
 

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