“We will continue to support the establishment of a best interest standard which operates in harmony and consistency with all existing standards of conduct,” Bentsen says.
Brokers who meet the best interest standard laid out in Wagner’s bill would not be considered fiduciaries under the Employee Retirement Income Security Act. The bill would also limit future regulatory activity from the Labor Department. If the law were to pass, The Labor and Treasury departments would be prohibited from using the statutory authority under ERISA to promulgate new fiduciary requirements for brokers and insurance agents.