Group of 40 U.S. House Democrats oppose delay of Labor Dept retirement ruleNEW YORK (Reuters) - Forty House Democrats, led by the party’s top member of the House of Representatives Financial Services committee Maxine Waters, voiced opposition on Friday to a U.S. Labor Department proposal to delay the start of a controversial retirement regulation. In a letter sent on the final day of the proposal’s roughly two-week-long comment period, the group said that a 60-day delay of the DOL’s fiduciary rule would deprive workers and families from unbiased financial advice. Set to take effect on April 10, the fiduciary rule requires retirement advisers to put the interests of clients ahead of their own.  Some of Wall Street’s largest brokerages have already leveled the commissions charged on certain investment tools, in an effort to eliminate any unintended incentive for advisers to select one fund over another. Other brokerages have begun to phase out commissions-paying retirement accounts altogether. Despite that preparation, which began in earnest last year, President Donald Trump asked the Labor Department in February to re-examine the cost of implementing the rule. The Labor Department proposed the delay to give themselves time to conduct such an economic and legal analysis. “It is unacceptable that now—roughly a month before implementation of the final rule is scheduled to begin—the DOL is carelessly proposing to delay it,” the Democrats wrote in their letter, noting the regulation was the product of six years of research and negotiation. “Workers and retirement savers deserve better and have waited long enough,” the group wrote. politicsNews
group house democrats oppose delay labor dept retirement renew york reuters forty house democrats led party top member house representatives financial services committee marine waters voiced opposition friday labor department proposal delay start controversial retirement regulation in letter sent final day proposal roughly comment period group said delay dol fiduciary rule would deprive workers families unbiased financial advice set take effect april fiduciary rule requires retirement advisers put interests clients ahead some wall street largest brokerage already leveled commissions charged certain investment tools effort eliminate unintended incentive advisers select one fund another other brokerage begun phase retirement accounts altogether despite preparation began earnest last year president donald trump asked labor department february cost implementing rule the labor department proposed delay give time conduct economic legal analysis it unacceptable month implementation final rule scheduled dol careless proposing delay democrats wrote letter noting regulation product six years research negotiation workers retirement saves deserve better waited long enough group wrote politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Group of 40 U.S. House Democrats oppose delay of Labor Dept retirement ruleNEW YORK (Reuters) - Forty House Democrats, led by the party’s top member of the House of Representatives Financial Services committee Maxine Waters, voiced opposition on Friday to a U.S. Labor Department proposal to delay the start of a controversial retirement regulation. In a letter sent on the final day of the proposal’s roughly two-week-long comment period, the group said that a 60-day delay of the DOL’s fiduciary rule would deprive workers and families from unbiased financial advice. Set to take effect on April 10, the fiduciary rule requires retirement advisers to put the interests of clients ahead of their own.  Some of Wall Street’s largest brokerages have already leveled the commissions charged on certain investment tools, in an effort to eliminate any unintended incentive for advisers to select one fund over another. Other brokerages have begun to phase out commissions-paying retirement accounts altogether. Despite that preparation, which began in earnest last year, President Donald Trump asked the Labor Department in February to re-examine the cost of implementing the rule. The Labor Department proposed the delay to give themselves time to conduct such an economic and legal analysis. “It is unacceptable that now—roughly a month before implementation of the final rule is scheduled to begin—the DOL is carelessly proposing to delay it,” the Democrats wrote in their letter, noting the regulation was the product of six years of research and negotiation. “Workers and retirement savers deserve better and have waited long enough,” the group wrote. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: group house democrats oppose delay labor dept retirement renew york reuters forty house democrats led party top member house representatives financial services committee marine waters voiced opposition friday labor department proposal delay start controversial retirement regulation in letter sent final day proposal roughly comment period group said delay dol fiduciary rule would deprive workers families unbiased financial advice set take effect april fiduciary rule requires retirement advisers put interests clients ahead some wall street largest brokerage already leveled commissions charged certain investment tools effort eliminate unintended incentive advisers select one fund another other brokerage begun phase retirement accounts altogether despite preparation began earnest last year president donald trump asked labor department february cost implementing rule the labor department proposed delay give time conduct economic legal analysis it unacceptable month implementation final rule scheduled dol careless proposing delay democrats wrote letter noting regulation product six years research negotiation workers retirement saves deserve better waited long enough group wrote politicsnews