The U.S. Department of Labor, in finalizing its fiduciary rule, “has sought to transform the financial services and insurance industries, stepping far beyond its authority” under the Employee Retirement Income Security Act and the IRS code that governs individual retirement accounts, the U.S. Chamber of Commerce said in its latest court papers in a suit in Texas.
DOL’s rule makes “radical” changes to the term “fiduciary,” which “is not animated by a change in its perception of what ‘fiduciary’ means,” but reflects Labor’s “discontent with aspects of the securities laws, mutual funds, broker-dealers, and other matters outside the Department’s authority and expertise,” the U.S. Chamber argued in its motion for summary judgment, filed by a team from Gibson, Dunn & Crutcher.
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