Washington, D.C., partner Brad Campbell was quoted in the Financial Planning article “Can AARP Save the Fiduciary Rule?”
The article covers AARP’s recent motion that asked the U.S. Court of Appeals for the 5th Circuit to review the decision that vacated the Department of Labor’s fiduciary rule. AARP, one of the nation’s largest retiree advocacy groups, is asking the 5th Circuit to become a defendant in the original ruling that struck down the rule, allowing the group to push forward with a potential rehearing — even if the Labor Department decides to do nothing.
“It’s essentially a political stunt,” Brad said. “I don’t think there’s much likelihood they would actually be granted the ability to intervene to take over this litigation.”
Allowing AARP to intervene in federal litigation could open the floodgates for other advocacy groups to steer future regulation, Brad added. “It doesn’t make sense to allow private parties to stand in the shoes of government agencies. Having regulation highjacked by interest groups in the courts is not a workable way forward.”