On January 28, 2016, the Department of Labor (DOL) forwarded to the White House its proposed rules to expand the fiduciary standard for retirement account advisors, again confirming DOL’s intention to proceed with issuing those rules. In response, industry representatives and members of Congress reiterated their vehement objections to DOL’s actions. The Securities Industry and Financial Markets Association issued a statement emphasizing that this proposal will lead to increased costs and limit access to investment advice in relation to the enormous volume of retirement accounts that currently exist. At the same time, no less than two pieces of legislation are pending in Congress to prevent implementation of the DOL rules, at least until the SEC has fully evaluated the issue and proposed its own rule.