The SEC Begins Fiduciary Fact-Finding Mission

"Given everything the agency has on its agenda, I think it is all but guaranteed we won't see any final rulemaking on this issue before the election," she said.

"There just isn't time, and the agency is overwhelmed by other responsibilities.  It's frustrating, but I think the economic analysis is a necessary step, and we'd rather see them get that right than push to get a rule out that ends up being overturned in court," she said.

Roper contends that the "DOL situation perfectly illustrates the hypocrisy of industry's argument for more extensive cost-benefit analysis."

Roper said that, "Industry insists that the agency needs to do more to study the economic costs of its proposal, then refuses to provide the data that would allow the agency to conduct that analysis."

Her comments were based on a letter NAIFA sent Feb. 17 to the DOL saying, "it is not feasible for us to obtain any of the data" enumerated in a Dec. 15 data request from the DOL. The relationship of our members to their clients and affiliated companies is such that they likely would not have the right to share the client's or company's data even if they have some access to it."

And Friday, FSI officials sent a letter to the DOL saying its ability to provide data to the DOL is "quite limited."

NAIFA officials deny their unwillingness to participate.

"We responded to DOL's request within three days of receiving it, just about as quickly as was humanly possible," said Lillian Vogl, NAIFA counsel, federal government relations.

"We are not stalling in any way. We are committed to do everything we can to help the DOL thoroughly understand the impact of any rule it imposes," she said.