Rulli sponsors bill to stop the sharing of alleged confidential materials

U. S. Rep. Michael Rulli introduced the Balance the Scales Act, aiming to prohibit the Department of Labor from sharing confidential pension information with law firms involved in class-action lawsuits. The bill requires the DOL’s Employee Benefit Security Administration to provide Congress with annual reports on adverse interest agreements.

Rulli argues that the existence of secret agreements erodes public trust in the DOL as a regulatory body. He cited the law firm Cohen Milstein, which has received sensitive information from the department while suing a company under DOL audit. The financial impact of such breaches has led to millions in legal fees for companies targeted by fiduciary breach litigation. Rulli emphasized the importance of due process, asserting that the DOL's actions appear to circumvent established legal protections. The Balance the Scales Act aims to ensure transparency and accountability in the handling of confidential information.

The investigation into the DOL's practices continues, with bipartisan calls for oversight and scrutiny.