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COMMITTEE ON EDUCATION

AND THE WORKFORCE

U.S. HOUSE OF REPRESENTATIVES
2181 RAYBURN HOUSE OFFICE BUILDING

WASHINGTON, DC 20515-6100

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May 29, 2015

The Honorable Thomas E. Perez
Secretary

U.S. Department of Labor

200 Constitution Avenue, NW
Washington, D.C. 20210 .

Dear Secretary Perez:

On April 20. 2015, the U.S. Department of Labor (DOL) issued its regulatory proposal to change
the definition of a “fiduciary” for both employee benetit plans and Individual Retirement
Accounts (RAs).' We write to request DOL extend the period for public comment for this
proposal due to its complexity and the possibility it may significantly disrupt the services and
advice retirement savers currently enjoy.

DOL set the public comment period for its proposal to end on July 6, 2015, providing 75 days for
review and comment oa the proposed regulation.’ DOL has subsequently extended the period by
15 days.’ However, we are concerned this length of time is insufficient. Any time a federal”
agency proposes a new regulation, it is critical stakeholders are afforded the opportunity to
meaningfully evaluate and providd substantive and informed comments on the proposal. This is
especially true when a proposal cpuld threaten the methods and relationships currently delivering
retirement advice to American workers regarding their employce benefit plans and IRAs. Given
the breadth and complexity of this regulatory proposal, the 90-day comment period is
insufficient. In order to allow individuals adequate time to consider and comment on this
proposed regulation, we request DOL extend its public comment period for an additional 30
days, for a total of 120 days. This length of extension has been requested on a bipartisan,
bicameral basis."

‘Definition of the Term “Fiduciary”; Conflict of Interest Rule ~ Retirement Investment Advice, 80 Fed. Reg,
21928-21960 (Apr. 20, 2015) available-af hip, Liwww.npo, poy / fdsys pkey / PR-20 15-04 20/ pd £/ 2015-11883 |.pel
ad,

+ E-mail notification from the Dep't’of Labor's Office of Congressional and Intergovernmental Affairs to
Congressional staff (May-15, 2015)(on file with the Committee).

“Getter from the Hon, Jon Tester, et af (o the Hon, Thomas Perez, Sec'y, Dep't of Labor (May 5, 2015)(on file with
the Committee); Letter trom the Hon. Frederica 8, Wilson, et al to the Hon. Thomas Perez, Sec'y, Dep't of Labor
(May 6, 2015), available at hitp:/ /sealthmanagemens.com fs



‘The Honorable Thomas k:. Perez
May 29, 2015
Page :

Given the complexity of DOL's regulatory proposal, we believe a 120-day comment period is a
reasonable request. Please provide us with your decision concerning our request by no later
than June 12, 2015. [f you have additional questions or comments, please contact Andy
Banducci and Joe Wheeler of the Committee staff at (202) 225-7101.

Sincerely,

Ph Ree

PHIL ROE
Chairman

Committee on Education and the Workforce Subcommitice on Health, Employment,
Labor. and Pensions

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May 29, 2015
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