Stradley Ronon Counsel George Michael Gerstein was quoted in the recent Wall Street Journal article, “States to Trump: Leave Retirement Rule Intact of We'll Act.” The article discusses the recent bills signed by states to expand fiduciary requirements for brokers.
“This could become a bit like Frankenstein,” said Gerstein. “If states go their own way on this, it could become a nightmare.” Meanwhile, industry executives are watching California, where a Senate resolution introduced in June “has telegraphed to [regulators] that they shouldn’t tinker too much with the DOL rule,” Gerstein said. If that translates to a bill, he said, “then that changes everything.” If California acts, “this takes on a life of its own,” said Gerstein.
To read the full article, visit The Wall Street Journal.