As stakeholders set upon Washington this week for four days of exhaustive hearings on the Department of Labor's proposed fiduciary rule, several more Democrats raised formal concerns over the regulation's potential for unintended consequences.
In a letter to Labor Secretary Thomas Perez, Sen. Claire McCaskill (D-Mo.) applauded the department's efforts to create a universal best interest standard, but said there are still risks in the proposal.
As proposed, the rule would force most investors from a commission-based brokerage model to a fee-based advisory model, a more expensive option, McCaskill wrote, "and quite possibly unaffordable for holders of small accounts."
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