The Labor Department is now “carefully” reviewing and analyzing the more than 19,000 submissions it received on its new fiduciary rule proposal, a Labor spokesperson told ThinkAdvisor Friday.
During the public comment period, which ended on Jan. 2, “many of these submissions were unique, while the vast majority were petitions that were submitted in common by numerous people,” the spokesperson said.
Labor’s Employee Benefits Security Administration will “use the feedback as it proceeds with its work on this rulemaking with the goal of best protecting the retirement funds of America’s workers when they receive investment advice,” the spokesperson added.
“Submissions will be posted on EBSA’s website and Regulations.gov as soon as possible,” the spokesperson said.