Bradford Campbell Testifies at House Congressional Hearing on Proposed DOL Fiduciary Rule

Benefits and executive compensation partner Brad Campbell testified before the House Financial Services Subcommittee on Capital Markets in its “Hearing on Examining the Department of Labor (DOL) Fiduciary Rule: Implications for Retirement Savings and Access.”

In his testimony, Campbell addressed the likely effects of the DOL’s proposed regulatory package redefining fiduciary investment advice under the Employee Retirement Income Security Act (ERISA) and questioned the Department’s authority to issue the proposals. He was invited to testify by the Committee because of his experience as the former U.S. Assistant Secretary of Labor for Employee Benefits, where he was ERISA’s primary regulatory and enforcement official. His former agency issued the controversial new fiduciary rules package in November. Campbell’s testimony reflected only his personal views, and he did not testify on behalf of any client or Faegre Drinker.

Campbell’s testimony received significant media coverage from several leading publications, including Pensions & Investments, ThinkAdvisor, InsuranceNewsNet, InvestmentNews, PLANSPONSOR/PLANADVISER, Financial Advisor Magazine and Barron's.

More information on the hearing, including the testimony of other witnesses, can be found on the Committee’s website, as well as Campbell’s written statement. His oral statement appears at 1:31:30 in the Committee’s video.