Damn the Torpedoes, Full Speed Ahead By: Gabriel PotterMBA, AIFA® 2016.03.09

There is a clichéd idea of new laws getting through Congress and governmental agencies by the way of smoke-filled rooms and secret negotiations.  In contrast, the new fiduciary ruling proposals from the Department of Labor appear to be driven by a deep sense of urgency and speed.  The DOL is going out of their way to dodge the slowing obstruction of any brokered deals and get the law on the books as soon as possible.  In the words of the Governmental Affairs Committee, which is actively trying to engage the DOL to limit the scope of the new legal requirements, “the Labor Department frequently prioritized the expeditious completion of the rule-making process at the expense of thoughtful deliberation.”  Meanwhile, the DOL’s expressed priority to get “the strongest possible rule” on the books and they have done so with accelerated schedules.  The DOL is being driven by the Obama Administration to get a law in effect before the inevitable power transfer of the 2016 election.

 

Gabriel Potter

Gabriel is a Senior Investment Research Associate at Westminster Consulting, where he is responsible for designing strategic asset allocations and conducts proprietary market research.

An avid writer, Gabriel manages the firm’s blog and has been published in the Journal of Compensation and Benefits,...

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