PBM Transparency Rule Sparks Chaos | Inside the DOL Comment Storm

This one couldn’t wait.

In this episode of The EOB Podcast, Justin and Julie break down the proposed Department of Labor rule on PBM transparency — and the flood of industry responses submitted before the comment deadline.

With over 500+ submissions from carriers, PBMs, employers, and other stakeholders, the conversation reveals a clear divide:

👉 Those pushing for more transparency
👉 And those… pushing back hard

For the first time, the proposed rule would require PBMs to disclose all compensation — including rebates, spread pricing, administrative fees, and more — before a contract is signed.

So why the resistance?

Justin and Julie dig into real comment letters from major players in the industry, breaking down:

• Common arguments against the rule (and what they really mean)
• Why “this is too complex” keeps coming up
• What employers are being told vs. what they actually need
• How transparency impacts fiduciary responsibility
• And where this could go next

Along the way, they call out contradictions, questionable logic, and a few moments that are… unintentionally hilarious.

Because when it comes to healthcare benefits:
understanding how money flows isn’t optional — it’s the whole game.