Does Hillary Clinton want to protect the DOL fiduciary rule?

So far in her presidential campaign, former Secretary of State Hillary Rodham Clinton has not mentioned a Labor Department rule that would change investment advice standards for retirement accounts. But a recent letter to Democratic lawmakers urging them to defend the Consumer Financial Protection Bureau might provide a clue about her thinking. In the letter below, first reported by Politico, she calls on Democrats to oppose legislation recently approved by the House Financial Services Committee that would reform the CFPB structure, transforming it from an agency led by a director to one governed by a five-person commission in a model similar to the Securities and Exchange Commission. At the end of the letter, Ms. Clinton writes, “I also hope you'll stand with me in opposing any other efforts to roll back the Dodd-Frank Act's financial reforms in the upcoming budget and debt ceiling negotiations, including attempts to attach riders and take advantage of 'must-pass' bills. We can't go back to the days when Wall Street could write its own rules.” Although it's not part of Dodd-Frank — as its opponents continually remind everyone — the DOL rule is being threatened by riders that would prevent the agency from implementing the measure. The Clinton campaign did not respond to a request for comment. Those of us in and covering the industry can only hope Ms. Clinton will reveal her position on the DOL fiduciary proposal in the Democratic presidential candidate debate next Tuesday at 9 p.m. ET on CNN.