Does Hillary Clinton want to protect the DOL fiduciary rule?

Does Hillary Clinton want to protect the DOL fiduciary rule?
A letter to Democratic colleagues warns against riders attached to spending bills in upcoming budget negotiations.
OCT 08, 2015
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.

Latest News

SEC alts proposals may spark compliance 'culture shock' for managers
SEC alts proposals may spark compliance 'culture shock' for managers

CFP, CFA and CPA holders could gain accredited investor status as regulators weigh wider private market access for advisory clients

Advisor tech platfoms court firms with discounts, notaries, education
Advisor tech platfoms court firms with discounts, notaries, education

DeepVest, Vanilla and Libretto roll out tools to help financial advisors launch firms, close estate plans and sharpen planning skills

When it comes to retirement, Americans struggling with 'permission to spend,' says Prudential
When it comes to retirement, Americans struggling with 'permission to spend,' says Prudential

“People aren't effectively using their wealth in retirement,” said David Blanchett of Prudential.

NFL referee Shawn Hochuli doubles as LPL-affiliated financial advisor
NFL referee Shawn Hochuli doubles as LPL-affiliated financial advisor

Second-generation NFL ref Shawn Hochuli co-founded IWM Partners in Irvine, California, a wealth management practice with more than $500M in client assets

SEC bars NY advisor who allegedly defrauded elderly client of $2.4 million
SEC bars NY advisor who allegedly defrauded elderly client of $2.4 million

U.S. seniors lose $28.3 billion annually as a result of financial exploitation, according to a 2023 AARP study.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains