Regulatory relief

The Labor Department is receiving a deluge of feedback from advisers and investors on whether to revise its controversial regulation.

A new bill would go further than past attempts to block the Labor Department altogether.

The move comes the same week that the SEC said it would try to coordinate with the Labor Department on the regulation.

Jay Clayton acknowledged in testimony on Capitol Hill that it's a “very complicated issue.”

It allows more flexibility than some may think, according to executives from the two firms.

The legislation ― called the Financial Choice Act ― has little chance of passing the Senate in its current form.

Seeking more help from the industry, the regulator emphasizes a process that offers leniency for firms that proactively report and fix compliance failures.

There is "no principled legal basis" to do so, Labor Secretary Acosta says.

The regulator wants the exam process to be a dialogue with firms and advisers.

Business groups looking for regulatory relief were quick to hail the Senate's confirmation of Jay Clayton, a veteran Wall Street lawyer.