In the Congress, Rep. Maxine Waters, the lead Democrat on the House Financial Services Committee, chastised the groups for filing the suit, contending they seek to block a much-needed and long overdue rule.
House Speaker Paul Ryan said the fiduciary rule would hurt non-profits, colleges and universities, start-ups and tech companies, young people and state and local governments the most.
The suit was filed in the U.S. District Court for the Northern District of Texas. Joining the national organizations in the legal action were the Greater Irving Las Colinas Chamber of Commerce, the Texas Association of Business, the Lake Houston Area Chamber of Commerce and the Lubbock Chamber of Commerce.