The Department of Labor’s controversial proposed rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act covers far more services and customer interactions than is necessary, Northern Trust SVP Gerald Cleary said in testimony before DoL today.

Led by Sen. Ron Wyden (D-Ore.), eight Democratic senators wrote to the Department of Labor on Friday urging several fixes in its re-proposed fiduciary standard under the Employee Retirement Income Security Act.

A bipartisan group of 21 House members yesterday called on the Department of Labor to re-propose its controversial proposal redefining who counts as a fiduciary now that the comment period has closed.

The Department of Labor’s proposal to redefine who counts as a fiduciary under the Employee Retirement Income Security Act overreaches, capturing many people who should not be reasonably considered fiduciaries under ERISA or the Internal Revenue Code, ABA said in a comment letter today.

The Department of Labor today announced a series of public hearings on its rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act.

Four in 10 U.S. households surveyed last fall said they were somewhat or much better off financially than they had been five years prior, according to the Federal Reserve’s 2014 Survey of Household Economics and Decisionmaking released today. Just over a quarter said they were worse off than in 2009.

The SEC has released a series of frequently asked questions on its 2014 reforms of money market mutual funds. The FAQs represent staff views on the new rules and address a number of issues including which investors would be eligible to invest in retail prime money market funds starting in October 2016 when the reforms take effect.

The Department of Labor on Friday said it would extend the comment period for its rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act.

ABA yesterday repeated its call for the Department of Labor to extend the comment period for its rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act.