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Regulation and Compliance > Federal Regulation > DOL

DOL Denies Second Request for More Time on Fiduciary Rule Comments

By Melanie Waddell

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The Labor Department has once again denied a request to extend the Jan. 2 deadline for comments on its new fiduciary rule proposal — this time from lawmakers.

Seven Senate Democrats urged Labor on Dec. 21 to lengthen the comment period for feedback on the proposal, just weeks after Assistant Secretary of Labor for the Employee Benefits Security Administration Lisa Gomez denied a request by industry trade groups to do so.

When asked if Labor intended to extend the comment period after receiving the Senators’ request, a spokesperson for Labor told ThinkAdvisor Thursday in an email that the EBSA “does not, at this time, intend to extend the comment period” beyond Jan. 2.

In a letter sent Dec. 2 to acting Labor Secretary Julie Su, the senators — including Joe Manchin, D-W.Va., and Ben Cardin, D-Md. — told Su that “given the broad impacts of this potential rulemaking, we are concerned that you are rushing this process.”

Senate Finance Committee Chairman Ron Wyden, D-Ore., wrote in a separate letter to Su the same day that “given the many thoughtful comments” Labor received during its public hearings, held Dec. 12 and 13, Labor should extend the comment period by 30 days.

Melanie Waddell

@Think_MelanieW

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