On Monday, February 23, 2015, the Department of Labor (DOL) submitted a proposed rule to the Office of Management and Budget (OMB) to update and close loopholes in the 40 year old rules governing retirement advice under the Employee Retirement Income Security Act (ERISA). While this action has been the subject of debate for some time, the discussion has for the most part been based on speculation, because the actual contents of the rule have not been made public. While some of that speculation is well-meaning and well-intended, much of it is biased and self-interested. Indeed, much of it has been directly contradicted by statements from DOL officials about its expected regulatory approach.