®: CRE Regulatory Action of the Week
President Directs Labor Secretary to Reexamine Fiduciary Duty Rule
President Trump sent a Memorandum to the Secretary of Labor that stated, "The Department of Labor's (Department) final rule entitled, Definition of the Term 'Fiduciary'; Conflict of Interest Rule — Retirement Investment Advice, 81 Fed. Reg. 20946 (April 8, 2016) (Fiduciary Duty Rule or Rule), may significantly alter the manner in which Americans can receive financial advice, and may not be consistent with the policies of my Administration." The President's Memorandum directed the Secretary of Labor "to examine the Fiduciary Duty Rule to determine whether it may adversely affect the ability of Americans to gain access to retirement information and financial advice." The President's Memorandum specified some of the Labor Secretary's considerations during examination of this rule."
Click here to read the President's Memorandum.