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OMB Clears Final Rule Delaying Implementation of the Department of Labor’s Fiduciary Rule

Apr 05, 2017

Late yesterday, the Office of Management and Budget completed its review of a rule issued by the U.S. Department of Labor that delays by 60 days the implementation of the Department’s fiduciary rule, which was issued during the Obama Administration and scheduled to be implemented on April 10. The delay will go into effect immediately after being published in the Federal Register, which is scheduled for Friday, April 7.

ADISA believes that the delay is necessary to allow the DOL to conduct the multi-faceted appraisal required by President Donald Trump’s directive issued earlier this year to determine whether the fiduciary rule should be amended or rescinded.

ADISA, along with its coalition partners, will endeavor to support the Department’s review efforts with appropriate research and expert perspective. We will continue to submit comments as requested by the Department, and stand ready to meet with the Department if doing so will help it meet the terms of the President’s directive.

ADISA will continue to track this important issue and report back to our members as events warrant.