Author: Erin E. Arvedlund
May 24, 2016
Vanguard founder John Bogle has come out in support of the new fiduciary-duty requirement governing retirement plans, calling the U.S. Department of Labor regulations the “first step” in a movement he has been advocating for decades.
“Today, we’re at the beginning of an arc in finance toward fiduciary duty,” Bogle, 87, told a conference Tuesday at the National Constitution Center hosted by the Institute for the Fiduciary Standard, which has long advocated for fiduciary responsibility on Wall Street.
“The Department of Labor has taken that first step,” Bogle said of the rules issued in April.
Wall Street’s other regulators should get on board, he added.