Liberal Democratic Senator Elizabeth Warren attacked the reported involvement of the Financial Services Roundtable in the drafting of a Trump Administration order designed to weaken, abolish and/or delay the Department of Labor’s fiduciary rule.

FSR represents the nation’s largest financial institutions, including Ameriprise Financial, BlackRock, Edward Jones, LPL Financial, Raymond James and Wells Fargo. It was one of the first trade groups to file a lawsuit against the rule.

FSR lobbyist Francis Creighton “reviewed drafts … and made recommendations on the order during its development,” National Public Radio reported.

Warren said it was troubling that Creighton was involved in preparations to gut a common-sense rule to protect middle-class investors that requires advisors put their clients' best interests before their own when advising on retirement accounts.

“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.” The senator wrote the White House, FSR and DOL.

It is common for lobbyists to help draft bills in the House and the Senate.  

Creighton and the Financial Services Roundtable press office were not available by phone or email.