departmentoflabor

The Department of Labor's (DOL) latest proposal to redefine fiduciary rules is facing fierce opposition from the insurance industry, even before the text has been released. The Department of Labor proposal, which is expected to be released in the next few weeks, would raise the standard of advice for retirement accounts. The insurance industry argues that the proposal would hurt middle- and low-income savers by making it more expensive for them to get financial advice. The Insured Retirement Institute (IRI), a trade group representing the insurance industry, released a statement on Saturday criticizing the Department of Labor proposal. The IRI said that the proposal would "significantly harm lower and middle-income workers and exacerbate the wealth gap for Black and Latino families." The DOL has not yet released the text of its proposal, so it is difficult to say exactly what it would do. However, it is clear that the proposal is generating a lot of opposition from the insurance industry. [...]