Pending legislation and regulation are top-of-mind for financial services professionals today more than ever, which was clearly reiterated by 2017 IPASummit keynote speaker Brad Campbell, a partner at Drinker Biddle.
Campbell, the former Assistant Secretary of Labor for Employee Benefits and former head of the Employee Benefits Security Administration, outlined the effects of and industry responses to the Department of Labor’s Fiduciary Rule along with an update of where the rule stands now.
Though the latest delay of implementation was announced only shortly before the Summit, Campbell believes that the Department of Labor will need an additional 180 days, at minimum, to conduct an accurate and complete review of the proposed rule.
“From a regulatory perspective, Alexander Acosta and his team will need to get to work quickly,” said Campbell. “To perform a full economic analysis in the timeframe that is left in the delay would be fairly ambitious.” Furthermore, he went on to discuss studies that have already been published on the rule, citing adverse effects it is beginning to have on American consumers.
From a regulation perspective, Campbell offered his thoughts on the SEC playing a larger role. “I think we all would prefer that the SEC play a role in the review and implementation process,” said Bradford. “However, a partnership between the two agencies might be the most realistic solution.”
Campbell ended his remarks by encouraging those members present at the 2017 IPASummit, and those who could not attend, to “absolutely put pressure on the current administration to delay the rule for the full 180-day period.”
IPASummit 2017 Recap