DOL Seeks Delay in Fiduciary Rule

February 11, 2017 20 view(s)
DOL Seeks Delay in Fiduciary Rule
Following President Trump's executive order to review its fiduciary rule, set to take effect April 7, the Department of Labor (DOL) on Feb. 9 informed the Office of Management and Budget (OMB), which has to approve every regulation, that it wants to delay the rule's implementation. The delay proposal process would not start until OMB responds to the request, which is expected to take several weeks or more. The next step would be a 15-day comment period before a delay proposal is finalized, according to several sources. The fiduciary rule requires those who sell retirement plans to put their clients' interests first and not push investment instruments that pay the highest commission.
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NOTE: The details in this blog are provided for informational purposes only. All answers are general in nature and do not constitute legal advice. If legal advice or other expert assistance is required, the services of a competent professional should be sought. The author specifically disclaims any and all liability arising directly or indirectly from the reliance on or use of this blog.

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