BlackRock and Vanguard Group were among 33 financial firms asked by Sen. Elizabeth Warren, D-Mass., on Thursday to declare whether they support efforts to delay or roll back the Department of Labor's fiduciary rule.
Ms. Warren said in a statement that the letter was sent because of reports that incoming President-elect Donald Trump will seek to delay the rule before it goes into effect in April.
“With rising costs, and flat wages, it's harder than ever for Americans to save. I think we can agree that the very least we should do is ensure investment adviser fees, commissions and kickbacks aren't draining away the money Americans do manage to save,” Ms. Warren said in her letter, which asks the firms several questions.
Noting that many firms have already begun implementing changes to comply with the new rule, “I wanted to find out whether you will support the next administration's efforts to reverse the significant progress your company, and many companies industrywide, have already made toward meeting this higher standard,” the letter said.