Warren Blasts Labor Regulator Over Delayed 401(k) Banking Rule

The Labor Department may be “granting favors to the financial industry” by re-opening and extending the comment period on a proposed retirement plan asset manager rule, Sen. Elizabeth Warren said in a letter to regulators first obtained by Bloomberg Law.

Warren has supported strengthened protections the Biden administration proposed on major banks that seek to bypass worker benefit laws. She said in the letter dated Monday the Employee Benefits Security Administration repeatedly granted corporate interest groups’ requests for additional time to comment despite “no adequate rationale.”

“Finalizing this amendment is an opportunity to send a clear message that powerful financial ...