Financial Institutions and Regulators Clash Over Proposed DOL Rule Changes

Congressman Roger Williams, Chairman of the House Committee on Small Business, along with several other representatives, penned a letter to Acting Secretary of Labor, Julie Su, expressing concerns about proposed rule changes impacting small financial institutions. The changes would subject more financial professionals to stricter fiduciary standards, potentially leading to business closures or limited services. The letter highlights the need for the Department of Labor to consider the impact on small entities and adhere to regulatory acts protecting small businesses.