DOL Follows Through on Dodd-Frank Credit Ratings Exemption Purge

June 8, 2021, 3:23 PM

The U.S. Labor Department is seeking to end industry reliance on credit ratings in a slate of legal exemptions it grants companies handling retirement assets—part of a cleanup effort the federal government began more than a decade ago after the 2008 financial crisis.

The White House is reviewing six prohibited transaction exemption amendments the DOL’s Employee Benefits Security Administration first proposed in 2013. The proposal would remove explicit references to “credit ratings,” financial risk evaluations conducted by nationally recognized statistical rating organizations.

The Dodd–Frank Wall Street Reform and Consumer Protection Act requires federal agencies to review and remove references to ...

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