DOL Fiduciary Rule Delay Expected This Week
President Donald Trump is expected to issue an order this week delaying the Department of Labor’s fiduciary rule, as first reported by ThinkAdvisor, which cited two unnamed legal sources familiar with the matter. The fiduciary rule, which seeks to eliminate conflicts of interest as it pertains to investment advice, is scheduled to begin implementation on April 10th.
Trump will reportedly direct acting Labor Secretary Edward Hugler to delay the rule rather than issuing an executive order specifically targeting the rule.
Many in the financial industry speculated that a delay would happen during the first week of Trump’s presidency and have been anxiously awaiting a directive from the president to halt the impending regulation. Although reports differ as to the length of time, a 6-month or 1-year delay appears to be the consensus.
The DI Wire will continue to monitor this matter closely.
