Senator Enters Race to Kill DOL Fiduciary Rule

Marilyn Mohrman-Gillis, CFP Board's managing director of public policy and communications — part of the Financial Planning Coalition — said she was "hopeful that the Senate will reject this latest effort to impede the DOL from moving forward to put in place a long overdue strengthened fiduciary rule to protect retirement investors."

Wagner said in a statement that she "applauds" Blunt for introducing this legislation that has passed the House "twice with bipartisan support."

But Barbara Roper, director of investor protection for the Consumer Federation of America, said that the House vote the second time — with less support from Democrats — "made clear that support for this approach … has faded, and the lack of Democratic co-sponsors [to Blunt's bill] reinforces that message."

Blunt's legislation "is based on a false premise that the DOL rule would harm retirement savers," Roper said. "In fact, this legislation would impede the ability of DOL and the SEC to rein in industry practices that harm investors and retirement savers. No one who supports a best interest standard for investment advice should support these bills."

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