The Labor Department said it would reconsider its proposal to redefine the definition of fiduciary for investment professionals who advise investors on 401(k) plans, individual retirement accounts and other retirement plans. SIFMA welcomed the decision. "It was a very broad rule that lacked a great deal of definition and clarity that we believe had a number of unintended consequences," said Ken Bentsen, executive vice president of public policy and advocacy at SIFMA. Read SIFMA's statement.

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