So much for the DOL. The Securities and Exchange Commission, on the other hand, is highly knowledgeable about money management and securities but is subject to political pressures and has seldom ventured into pension matters.
The letter was very specific: the Congressmen wanted to know whether any of the firms, consultants or managers that had actual or potential conflicts of interest had been investigated by the DOL and, if so, how many?
The GAO recently agreed to conduct an investigation into pension conflicts, including why the DOL and PBGC have not scrutinized failed plans and continue to fail to do so.