The Department of Labor does not have a representative on FSOC, however, as issues outside of the stated purpose of a committee meeting often get shoehorned into sessions, Georgia Democrat David Scott attacked DOL’s proposed fiduciary rule for pension plan advisors.
Scott warned the rule could have a devastating effect on African-Americans because they don’t have the upfront money for advisory fees.
He asked the FSOC members present at the session to ask President Obama to hold off on implementing the rule until its impact on African-American families could be assessed.
None of the members said they would.