Labor Department rejects request for fiduciary rule comment extension

The Department of Labor on Tuesday rejected a request for an extension of the public comment period for a proposed new rule that would extend fiduciary status to advice on rollovers and investments related to commodities and insurance products like fixed annuities. The American Bankers Association and 17 associations had requested the extension, saying the rulemaking makes significant and unanticipated changes to the current regulatory framework that will require more time for analysis and comment. But in its letter, the DOL said the proposal “reflects significant input it has received from public engagement with this project since 2010.”

The DOL gave the public 60 days to comment on the proposal and will hold a public hearing on the rulemaking 45 days into the comment period. The associations noted the agency had previously granted extended comment periods when changes were previously proposed for the rule. The deadline for comment on the rule is Jan. 2, 2024.