Following Concerns from Rounds, GOP Colleagues, DOL Announces Plans to Rewrite Fiduciary Rule

WASHINGTON—U.S. Senator Mike Rounds (R-S.D.), a member of the Senate Banking Committee, today made the following statement after the Department of Labor (DOL) announced plans to revise its proposed fiduciary rule. Earlier this year, Rounds joined 35 of his Republican colleagues in a letter to DOL Secretary Thomas Perez in which they outlined their concerns regarding the proposed rule and requested an extension of the comment period.

“I am pleased that the Department of Labor has listened to the concerns we outlined in our letter and recognized the need to rework its plan to expand the fiduciary rule,” said Rounds. “For months, I have been hearing from South Dakotans who are concerned about the rule’s unintended consequences for American families. As previously drafted, the rule would require financial advisors to become fiduciaries, the cost of which would be handed down to those who rely on investment services to plan for their future. The Department of Labor has said it will take time to revise this rule. So long as it places the retirement savings of American families at risk, I will continue to oppose this harmful regulation.”

Full text of the letter is attached.