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Former Treasury Secretary Jack Lew: DOL fiduciary rule has 'important purpose'Mr. Lew, who served under the Obama administration from 2013 through the start of 2017, acknowledged the rule has "unintended consequences"

Jun 15, 2017

By Jeff Benjamin

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Jack Lew

Former Treasury Secretary Jack Lew kicked off the Pershing Insite conference in San Diego on Wednesday afternoon with a nod to the implementation of the Department of Labor's newly enacted fiduciary rule.

When prompted by the moderator, Mr. Lew said he believes the fiduciary rule "serves an important purpose and I think it will be a benefit.

"I think it was a good decision to let it go into effect (on June 9), because otherwise it would have been another year or two of uncertainty," added Mr. Lew, who served as Treasury Secretary under the Obama administration from 2013 through the start of 2017.

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