Senate Democrats urge Obama to rework financial adviser rule

Senate Democrats urge Obama to rework financial adviser rule
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Eight Democratic members of the Senate Finance Committee are raising concerns over President Obama's proposed regulations on financial advisers, saying they could hurt low- and middle-income Americans' access to financial advice.

In a letter sent Friday to Department of Labor (DOL) Secretary Thomas PerezThomas Edward PerezClinton’s top five vice presidential picks Government social programs: Triumph of hope over evidence Labor’s 'wasteful spending and mismanagement” at Workers’ Comp MORE, the lawmakers urged him to make changes to the regulatory proposal.

"It is critical that the final rule be operational and one that in practice is useable," the lawmakers wrote. "We also believe that it is important that any guidance enhance and not diminish savings opportunities for small businesses and moderate income families."

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Democratic Sens. Ron WydenRonald (Ron) Lee WydenHillicon Valley: Dems cancel surveillance vote after pushback to amendments | Facebook to ban certain coronavirus ads | Lawmakers grill online ticketing execs | Hacker accessed facial recognition company's database On The Money: Coronavirus complicates Fed decision on rates | Schumer wants .5B in emergency virus funding | Dems offer bill to reverse Trump on military money for wall Hillicon Valley: Democrats cancel surveillance vote over pushback to amendments | Lawmakers grill Ticketmaster, StubHub execs over online ticketing | MORE (Ore.), Debbie StabenowDeborah (Debbie) Ann StabenowOn The Money: GAO to investigate Trump aid for farmers | Bloomberg calls for bolstering Dodd-Frank | Where the 2020 Democrats stand on taxes GAO launches investigation into Trump aid for farmers Democrats worried about Trump's growing strength MORE (Mich.), Bob MenendezRobert (Bob) MenendezMenendez calls for 'Marie Yovanovitch bill' to protect foreign service employees Senators condemn UN 'blacklisting' of US companies in Israeli settlements Media's selective outrage exposed in McSally-Raju kerfuffle MORE (N.J.), Tom CarperThomas (Tom) Richard CarperOvernight Energy: Critics pile on Trump plan to roll back major environmental law | Pick for Interior No. 2 official confirmed | JPMorgan Chase to stop loans for fossil fuel drilling in the Arctic White House effort to roll back bedrock environmental law spurs strong opposition Where do we go from here? Conservation can show the way MORE (Del.), Ben CardinBenjamin (Ben) Louis CardinSchumer asks Justice Department to probe Grenell's consulting work Democrats worried about Trump's growing strength Senate Democrats queasy over Sanders as nominee MORE (Md.), Michael BennetMichael Farrand Bennet Biden proposes 0B housing plan Nevada caucuses open with a few hiccups Overnight Energy: EPA moves to limit financial pressure on 'forever chemical' manufacturers | California sues Trump over water order| Buttigieg expands on climate plan MORE (Colo.), Bob CaseyRobert (Bob) Patrick CaseyThe Hill's Morning Report - Sanders takes incoming during intense SC debate Overnight Health Care — Presented by American Health Care Association — Lawmakers raise alarms over Trump coronavirus response | Top official warns virus appears inevitable in US | Democrats block two Senate abortion bills Democrats block two Senate abortion bills MORE, Jr. (Pa.) and Mark WarnerMark Robert WarnerCongress eyes killing controversial surveillance program This week: House to vote on legislation to make lynching a federal hate crime Congress set for clash over surveillance reforms MORE (Va.) signed the letter.

The administration is pushing new requirements for financial advisers to disclose how they receive payments from financial institutions off selling investment advice to consumers.

The business community, Republicans and an increasing number of Democrats argue that proposal is unworkable and needs significant changes.

They say the proposal would force Americans into using automated financial services and significantly increase the costs of using human financial advisers because of the new regulatory hurdles.

Wyden's letter comes following letters last week from Democratic Sens. Claire McCaskillClaire Conner McCaskill70 former senators propose bipartisan caucus for incumbents Democrats criticize Medal of Freedom for Limbaugh as 'slap in the face' Kansas City, Kan., responds to Trump tweet: We root for the Chiefs, too MORE (Mo.), Jon TesterJonathan (Jon) TesterDemocratic senator: 'The ultimate of ironies' for Trump to hit Romney for invoking his faith Committee on Veterans Affairs sends important message during tense Senate time Democrats cry foul over Schiff backlash MORE (Mont.), Heidi HeitkampMary (Heidi) Kathryn Heitkamp70 former senators propose bipartisan caucus for incumbents Susan Collins set to play pivotal role in impeachment drama Pro-trade group launches media buy as Trump and Democrats near deal on new NAFTA MORE (N.D.) and Joe DonnellyJoseph (Joe) Simon Donnelly70 former senators propose bipartisan caucus for incumbents Ginsburg health scare raises prospect of election year Supreme Court battle Watchdog accuses pro-Kavanaugh group of sending illegal robotexts in 2018 MORE (Ind.) also criticizing the rule.

Together, 12 centrist Democrats in the upper chamber have publicly criticized the proposal, which also failed to gain traction in 2010.

That opposition increases Republicans' chances of being able to stall administration officials from implementing the rule through legislative action.

With 12 Democrats on board, Republicans would likely be able to clear the 60-vote procedural hurdle to advance legislation blocking the rules in the fall.

DOL COI Regs Letter 080715