August 10, 2017

The Future of the Fiduciary Rule is in OIRA’s Hands

From: Investment News

DOL seeks to delay fiduciary rule until July 2019

Battle intensifies as Labor Department seeks to push off implementation until July 2019

By Mark Schoeff Jr


In a brief filed in a Minnesota lawsuit Wednesday, the DOL indicated it had submitted to the Office of Management and Budget a proposal to delay the remaining parts of the rule from Jan. 1, 2018, until July 1, 2019. The OMB must review and approve the proposal before it can go into effect. The delay itself could require its own rulemaking process.

The DOL delay proposal could be posted on the OMB’s regulatory review list by Thursday morning.

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