A group of nearly 30 congressional Democrats has written to the leaders of the Labor Department, the Securities and Exchange Commission, and the U.S. Commodity Futures Trading Commission expressing concern over a recent proposed rule redefining the meaning of the term “fiduciary,” saying it would have a negative impact on people with Individual Retirement Accounts and other retirement and savings plans.

In the letter, the New Democrat Coalition, led by Rep. Carolyn McCarthy, D-N.Y., and Rush Holt, D-N.J., voiced concern over the proposed rule.

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