Watchdog group sues DOL to see records for fiduciary rule rewrite

The independent watchdog group American Oversight filed a lawsuit in U.S. District Court for Washington to force the Department of the Labor to release records about revisions to the fiduciary rule now being considered. The lawsuit filed Tuesday also seeks records on a similar effort for an overtime rule. American Oversight Executive Director Austin Evers said in a statement that the DOL attempts to roll back the overtime and fiduciary rules "are yet additional examples of how the Trump administration has sided with well-connected businesses over the working Americans whose interests the president claims to represent." "The public has a right to know why the Trump administration believes 4 million Americans should work for free, and why it's okay for investment professionals to act in their own financial interests instead of their clients," Mr. Evers said. The group submitted Freedom of Information Act requests on July 21, seeking communications and documents regarding proposed changes to these two rules, but said that the DOL "failed to adequately respond" within the required time frame. The lawsuit also asks the court to enjoin the DOL from continuing to withhold any and all non-exempt records sought in the FOIA requests. American Oversight describes itself as an organization committed to the promotion of transparency in government, the education of the public about government activities and ensuring the accountability of government officials. Hazel Bradford is a reporter for InvestmentNews' sister publication Pensions & Investments.