October 19, 2023

Brad Campbell Discusses DOL Fiduciary Rule Status With WealthManagement.com

In “White House Meetings Mark Final Step Before New DOL Fiduciary Rule,” benefits and executive compensation partner Brad Campbell spoke to WealthManagement.com about how the Department of Labor’s (DOL) attempt at amending its fiduciary definition is under consideration by the White House’s Budget Department and is expected to be released for comment soon.

Campbell questioned if the DOL could “properly thread the needle” with a new rule that avoids the legal pitfalls from previous decisions. According to him, the central hurdle was that the DOL was attempting to widen its jurisdiction by imposing its standard of care into the individual retirement account marketplace, contrary to Employee Retirement Income Security Act laws.

“The fact that they want a different policy outcome than the law allows is their problem,” Campbell said.

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