Erin Sweeney Comments on Criticism of DOL Fiduciary Rule in Light of Lawsuit in Compliance Week

"Lawsuit challenges legality of Labor Dept. fiduciary rule"
Compliance Week
06.02.16Erin Sweeney commented on criticism of the U.S. Department of Labor's (DOL's) fiduciary rule, particularly in light of a recently filed lawsuit by a coalition of business groups who feel the rule is overreaching. "Don't expect the current lawsuit to be the end of efforts by critics of the new rule," Sweeney said, suggesting that congressional critics could use budgetary restrictions to prohibit the DOL from spending money on the enforcement of the regulations and a new presidential administration could repeal the rule or select appointees that will not spend resources on enforcement. Additional lawsuits may also be in the works as insurance industry lobbyists, including the American Council of Life Insurers, were not among the eight plaintiffs in the current lawsuit, Sweeney added.
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