A group of Democratic members of the House, led by Rep. Carolyn McCarthy (D-NY) and Rep. Rush Holt (D-NJ), has written to the US Department of Labor criticizing a new regulation that would redefine the term “fiduciary” in the Employee Retirement Income Security Act of 1974 (ERISA).

Representatives McCarthy and Holt and a group of 27 other Democratic members of the House who call themselves the New Democratic Coalition, write that they are worried that the new definition, while intended to align the interests of brokers and financial advisors with the interests of their investor/clients, could have the perverse effect of both raising the costs of obtaining financial advice, and limiting the availability of such advice to investors.

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