DOL Not Making Comments Available On Pair Of Rule Proposals

By John Hilton InsuranceNewsNet

The Department of Labor is not making comments available on a pair of highly anticipated rules governing financial advice.

It is unclear why the department is deviating from normal procedure. In the past, the DOL made comments immediately available on a rolling basis throughout the comment period.

A pair of spokesmen for the department did not reply to numerous emails this week.

A comment period closes today on a DOL rule that would require ERISA fiduciaries to put profit above social goals when considering ESG funds. The proposed DOL rule reinforces retirement security as the guiding principle in retirement accounts, and called out ESG funds in particular.

Interest is high in the rule and the Federal Register reported 1,137 comments received as of Thursday afternoon, none of which have been made public. Comments "may not be available to be read until the agency has approved them," the Federal Register notice states.

In the past, comments were posted within days of being received.

The DOL is also accepting comments on a second rule, titled "Improving Investment Advice for Workers and Retirees." This rule sets new rules for non-fiduciaries providing investment advice and 17 comments were received as of Thursday afternoon.

The comment period on this rule closes Aug. 6.

InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.

InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.