In the letter, Sen. Warren criticized the decision to extend the comment period for the proposed amendments, raising concerns that the EBSA may be continuing to grant favors to the financial industry. She stated, "The delay appears to be inconsistent with EBSA's proposed amendment that should hold big banks accountable for their actions." Sen. Warren urged the EBSA to act quickly to finalize the proposed amendments and implement strong protections to prevent corporate recidivism.

Warren mentioned that financial institutions like Credit Suisse Group AG, Goldman Sachs, Deutsche Bank AG, Citigroup Inc., and JPMorgan Chase have been allowed to continue serving as QPAMs and manage workers' retirement savings, despite having records of criminal misconduct. She emphasized that finalizing the amendment is an opportunity to send a clear message that powerful financial institutions should not be granted special favors and allowed to manage workers' retirement accounts if they engage in criminal actions.

In her letter, Sen. Warren stated, "I am troubled that EBSA may be continuing to grant favors to the financial industry – which provided no adequate rationale for their requests – by extending the comment period to allow for the special consideration of corporate interests in the rule-making process."

Sen. Warren's call for action follows recent exemptions granted to JPMorgan Chase and Citigroup, despite facing charges from the U.S. Department of Justice for rigging bids and offers in the foreign currency exchange market. The EBSA is yet to respond to Sen. Warren's concerns or announce a timeline for finalizing the proposed amendment to the QPAM Exemption.