Ahead of the Department of Labor’s anticipated proposal to redefine fiduciary responsibility, expected sometime in 2012, 55 House Republicans sent a letter asking for more careful consideration of the effects on consumer choice before any new rule is proposed.
The letter expresses the representatives’ “appreciation” for the Labor Department’s decision in September to withdraw the proposal, and says that any new rule proposed must “avoid costly new regulations that may reduce choice among qualified service providers and investment products.”
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