In a move consistent with the broad deregulatory agenda of the Trump administration the DOL has filed to delay the date for implementing the final part of its retirement-account fiduciary rule by 18 months, giving it and critics more time to modify or repeal some of its controversial provisions.
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US to delay DOL rule requiring retirement advisers to put client interests first
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The delay is “a positive development that may reduce some of the harm the regulation is already causing in reducing middle class savers’ options for their [retirement and savings accounts],” said John Berlau, financial policy expert at the Competitive Enterprise Institute in Washington. Glenn Schorr, an analyst at Evercore ISI in New York, wrote in a research note that the delay – if approved – “significantly increases the likelihood the Fiduciary Rule gets diluted or destroyed.”
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