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in ERISA section 409, 29 U.S.C. section 1109. It would appear
that in a participant-directed plan ERISA section 404(c)(1)
exculpates from part 4 potential liability a participant
exercising control over the account assets, and any person who
would otherwise be considered a fiduciary is relieved from the
liability under part 4 of ERISA for any loss resulting from the
participant’s exercise of control. In the context of this case,
ERISA section 404(c)(1) serves to insulate the participant (Mr.
Flaherty) and the U.S. Bank, National Association, from the
potential liability arising from any violation of the prudent man
standard of care contained in ERISA section 404(a), 29 U.S.C.
section 1104(a). See H. Conf. Rept. 93-1280, at 305 (1974),
1974-3 C.B. 415, 466.
To the contrary, section 4975(e)(3) contains the definition
of a fiduciary “For purposes of this section”. There is no
exception in the language of section 4975(e)(3) similar to that
of ERISA section 404(c)(1) for the section 4975 liability of a
disqualified person. Applying the rules of statutory
construction discussed supra p. 8, we, therefore, assume that
Congress intended a different result with respect to the section
4975 liability.
Petitioner contends, however, that the legislative history
indicates a clear intent of Congress not only that the
definitions of part 4 of ERISA and of the Internal Revenue Code
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