Possible federal fiduciary definition raises issues, lawmakers say

03/28/2013 | InvestmentNews (free registration)

Eight members of the House Financial Services Committee who also are members of the Congressional Black Caucus say they're concerned about a Labor Department effort to expand the definition of "fiduciary." The change was first proposed in 2010, then scrapped after it met firm resistance. "We maintain concerns that if the re-proposal reflects the department's initial fiduciary proposal, it could disparately impact retirement savers and investment representatives in the African-American community," states the letter, signed by Rep. Maxine Waters, D-Calif., and seven others.

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