Proposed Fiduciary Rule Delay Sent to OMB for Approval

The Department of Labor (DOL), after closing a 15-day commentary period, has sent for approval the proposed 60-day delay in its Fiduciary Rule to the Office of Management and Budget (OMB), which would push its implementation date from April 9 to June 10 at the earliest. Observers now believe there may be several delays as the DOL pursues an executive order from President Trump that requested a full review of the Fiduciary Rule and its impact on consumers. The Fiduciary Rule imposes on agents marketing retirement accounts to put their clients' best interests first and foremost, rather than leading them to the most-lucrative-to-them retirement plans. The DOL received more than 1,000 comments on the proposed delay, both pro and con on the rule itself and on its delay. Once OMB approves the proposed delay, the DOL will publish it in the Federal Register.