March 2, 2017

OMB Labels Fiduciary Regulations ‘Economically Significant’

From: PlanAdvisor

The long-running fight over the fiduciary rule took another (symbolic) step forward this week—but still there is little clarity as to what may unfold prior to the first deadlines in April. 

By John Manganaro

An updated landing page tracking the Office of Management and Budget’s (OMB) review of the Department of Labor (DOL) fiduciary rule, championed by former President Barack Obama but now being attacked by current President Donald Trump, shows the OMB has officially labeled the effort to halt the fiduciary regulations as “economically significant.”

To be clear, this new OMB determination is applied to a new rule that will apparently soon be submitted by the Trump administration for public comment—a rule that would somehow revoke entirely or scale back the fiduciary rule that was adopted under the Obama White House. The contents of the new rule are as yet unknown but could soon emerge now that OMB has concluded its review.

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