The Department of Labor's rule proposing expansion of fiduciary status to all advisors to IRAs and most 401(k) plans is all but a done deal, according to outgoing Securities and Exchange Commissioner Daniel Gallagher.
To date, Gallagher has pulled no punches articulating his disdain for the DOL's efforts.
But in a comment letter addressed to Labor Secretary Thomas Perez, Gallagher effectively called out Labor's chief, who has made consistent public promises that he intends to continue to work with industry to post a workable final regulation.
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