DOL Faces Democratic Pressure to Extend 401(k) Rule Comments

Biden administration Democratic allies are pressuring the US Labor Department to reconsider its decision to reject a comment extension for a highly controversial proposed 401(k) advice rule.

Ten Senate Democrats and one Independent sent DOL’s Employee Benefits Security Administration letters asking regulators to “significantly extend” the timeframe for public comments after the agency denied a similar request from industry lobbyists.

The letter-writing campaign coincides with an effort by Biden’s Small Business Administration to also convince the agency to reconsider. SBA’s Office of Advocacy filed a comment letter of its own seeking an additional 60 days for comments on behalf of ...