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DOL Abandons Its Statutory Mission to Protect Retirement Savers

In Deferring to the weak and ineffective SEC standard, the Labor Department is setting aside its much stronger mandate.

Source: | By Phyllis C. Borzi | July 29, 2020, at 2:21 PM

When the Labor Department unveiled its draft retirement investment advice rule recently, I was saddened but not surprised to see that it meekly capitulates to the financial services industry demand that their conflicted business models continue to be protected from transparency and accountability to the individuals and retirement plans that are their customers.

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