Details emerge on President’s fiduciary rule directive
February 6, 2017 by Melanie Waddell
President Donald Trump signed an executive order Friday afternoon directing the Labor Department to undertake an assessment of its fiduciary rule, and if it deems appropriate, a proposal to revise the rulemaking, which industry officials say would delay the rule’s April 10 effective date.
Acting Labor Secretary Ed Hugler said in a statement that the DOL would “consider its legal options to delay the applicability of the date as we comply with the president’s memorandum.”
The final order “does not, in and of itself, repeal nor revise nor delay the rule,” said Skip Schweiss, head of advisory advocacy at TD Ameritrade Institutional, “though at least on delay, we can probably safely assume that’s coming.”
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