This week, Warren lashed out at a White House memorandum, released February 3, that opened up the possibility of delaying, altering or outright abolishing the DOL's fiduciary rule. Specifically, Warren objected to the Financial Services Roundtable in allegedly playing a role in the drafting of the White House memo.
Noting that the Roundtable represented a list of financial industry heavy hitters like Wells Fargo and Raymond James - firms that have opposed the DOL ruling - Warren said the group's participation in the memorandum's release was misguided.
"As a presidential candidate, President Trump promised to oppose policies that 'have been so good for Wall Street investors... but unfair to American workers,'" Warren wrote in a February 14 letter to the White House and the DOL. "He recently betrayed that promise. It is troubling that the president would halt a common-sense rule designed to protect middle-class investors. But I am even more concerned that the President may have signed a presidential memorandum that was heavily influenced by industry lobbyists."
Citing a recent National Public Radio report, Warren specifically objected to the fact that Francis Creighton, a Roundtable lobbyist, was "reviewing drafts and making recommendations" on the White House memo.
"The full extent of Mr. Creighton's role in the drafting of President Trump's memorandum is unclear, and it is also not clear if any other lobbyists were involved in the drafting of the memorandum, or if Mr. Creighton or other lobbyists took part in the drafting of other Trump Administration memoranda or executive orders," Warren wrote.