In the latest tactic to forestall the release of the Department of Labor's new fiduciary standard, two Republican lawmakers are asking the director of the Office of Management and Budget to guarantee the public will have a full 90 days to review the proposal once it's released.
Senator John Boozman, R-Arkansas, who is chairman of the Subcommittee on Financial Services and General Government, and Rep. Ander Crenshaw, R-Florida and chair of the same subcommittee in the House, are worried the OMB will rubberstamp the proposal without fully considering its opponents' arguments.
"Given the concerns raised with the initial rule proposal, the DOL should guarantee that the public will have at least 90 days to review, analyze, and comment on any proposed rule, proposed exemptions, regulatory impact, and cost-benefit analyses," they wrote.
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