The DOL rule from all angles
president and CEO of FSI
The trade association for independent broker-dealers and financial advisers has done as much as any group to make the label “unworkable” stick to the DOL fiduciary proposal. The group says its goal is “constructive engagement” with the Labor Department. But if the rule eventually stalls, FSI will have been a major contributor to obstructing it.read more
Kenneth E. Bentsen, Jr.
President and CEO of SIFMA
The most influential financial industry trade group, SIFMA, has been at the forefront of the effort to kill the regulation. It has been equally adamant in pushing for the Securities and Exchange Commission to go first in proposing a fiduciary duty rule, and has worked hard to shape the SEC’s version. SEC Chairwoman Mary Jo White announced her support for a fiduciary rule at a SIFMA event in 2015.read more
Paul D. Ryan
Since the end of February, Mr. Ryan has moved the DOL fiduciary rule to the top of his hit list. In staff blog posts and public statements, he has portrayed the measure as a symbol of the Obama administration’s regulatory overreach. He has vowed that the House will pass legislation to halt it.read more
Labor assistant secretary
A former high school English teacher and research professor, Ms. Borzi has been head of the Department of Labor’s Employee Benefits Security Administration since the beginning of President Barack Obama’s administration. She has been tough and tenacious in advocating for the rule in the face of fierce industry opposition.read more
The DOL fiduciary regulation is becoming a reality thanks to the most powerful weapon in Washington — presidential support. The White House was on the sidelines in 2011, when the original rule was withdrawn. Since then, Mr. Obama has embraced and elevated the measure, making it a key piece of his “middle class economics” initiative.read more
Rep. of R-Mo.
Ms. Wagner has been for years the most vociferous opponent of the DOL rule on Capitol Hill. She gave a rousing speech at a National Association of Insurance and Financial Advisors meeting last year, preparing her cohorts for a bloody battle. She touted her own bill that would halt the rule, and said if it didn’t pass the Senate, the next option would be to “defund” the regulation.read more
Sen. Elizabeth Warren
The scourge of Wall Street, Ms. Warren’s approval of the DOL fiduciary rule turbo charged it on the left. She appeared with President Barack Obama in February 2015 to launch the proposal, and has produced a stream of letters and studies and made statements at congressional hearings about the rule.read more
Since being confirmed as labor secretary in 2013, Mr. Perez has embraced and become the face of the agency’s fiduciary duty rule. His adroit political skills helped generate White House support and keep congressional critics at bay.read more