OMB Approves DOL Request to Publish 18-Month Delay of Fiduciary Rule

The Office of Management and Budget (OMB) this week approved a request by the Department of Labor (DOL) to publish a rule delaying implementation of the enforcement phase of its fiduciary rule for 18 months, from Jan. 1, 2017, to July 1, 2018. Once the DOL publishes the rule, a public commentary period will commence, with the whole matter likely to wrap up from the end of October. The delay is officially in response to an executive order by President Trump to review the fiduciary rule. The rule took effect on June 9 after a delay from April 7, while enforcement was delayed until Jan. 1, 2017. This subsequent rule will push that date back a year and a half.