The Washington Free Beacon discusses why the Department of Labor should eliminate the fiduciary rule with John Berlau.
Labor watchdogs also have called for an end to the rule. The pro-free market Competitive Enterprise Institute objected to the rule on the grounds that the agency overstepped its power to bring financial advisers under the Labor Department's umbrella.
"The DOL clearly went beyond its authority from Congress by regulating the entire retirement system of 401(k)s and individual retirement accounts," CEI scholar John Berlau said in a statement following Acosta's confirmation on Thursday. "Secretary Acosta should make sure this review is thorough and complete before the rule takes effect, so middle class savers do not suffer unnecessarily."
Read the full article at The Washington Free Beacon.