What Is The Fiduciary Rule? Department Of Labor Delays Implementation 60 Days

President Donald Trump signed a memorandum that asks the Labor Department to review the fiduciary rule and determine whether it should be revised or rescinded.

The controversial rule would expand the definition of fiduciary.

Some consumer advocates took umbrage at the proposal.

The Labor Department is proposing to extend the applicability date of the fiduciary regulation by a mere 60 days - while taking (just) the next 15 days to collect comments on that proposal.

"More delays are likely", said Mr. Saxena, given that the Labor Department doesn't yet have a secretary installed. "Frankly, delaying implementation of this rule would be a slap in the face to the companies that have invested, in good faith, for a deadline that has stood for the past year-and to the everyday worker deserving of the assurance that their retirement adviser is working in their best interest". The Labor Department acknowledges that "the economic effects may be partially dependent on what action the Department ultimately takes, and in the shorter term, what the public anticipates the Department may do".

Tamil Nadu: Traders ban Pepsi, Coca-Cola to support local products
Many super markets located in Chennai and other parts of the state will not take part in the boycott, DNAsaid. Most of the traders were also anxious about the infrastructure facilities if they ban these two brands.

After the rule was finalized past year, it faced multiple court challenges from business groups seeking, unsuccessfully, to block the regulation.

A 60-day delay is somewhat surprising, as most had expected a six-month delay.

Consumer groups who support the rule are anxious a delay could open the door for opponents to find ways to weaken or eliminate the rule.

Kenneth Bentsen, SIFMA president and CEO, said, "The delay will allow the new administration an opportunity to review the rule's impact on investors and the market, while providing firms additional time to prepare for potential changes to the rule".

President Trump's order on February 3 that the agency review the fiduciary rule has confused brokerage firms, some of whom fear legal liability from violating the rule's tight exemptive relief if they offer commission retirement accounts that are product-oriented.

Recommended News

  • Georges St-Pierre vs. Michael Bisping booked for UFC middleweight title

    Georges St-Pierre vs. Michael Bisping booked for UFC middleweight title

    He is now riding a career-best five-fight UFC win streak that includes a harrowing victory over Octagon legend Anderson Silva . I want it for my children's sake, for my family, for when I'm retired so we can still live a good life.

    Palo Alto Networks, Inc. (PANW) Rating Lowered to Hold at Wunderlich

    We should also note their 52-Week High and Low: the shares now trade -29.07% away from their high and 2.52% from the low. Ltd. purchased a new stake in Palo Alto Networks during the second quarter valued at approximately $9,811,000.

    Senate approves Ryan Zinke as Interior secretary

    Senate confirmed Montana Congressman Ryan Zinke as Secretary of the Interior by a vote of 68 to 31 Wednesday morning. Zinke also indicated he would review increased oil and gas drilling and mining on federal land and offshore areas.
  • PSL 2nd Playoff 2017

    The second qualifying final of Pakistan Super League 2017 is going to be played between Islamabad United and Karachi Kings. Both teams 8 points from the 8 matches they had played but Kings were ahead of the United for net run rate.

    Real Madrid vs Las Palmas

    Real Madrid were in the throes of defeat before their talisman scored two goals in four minutes to end the match at 3-3. Barca enjoyed a far more comfortable night against a Sporting side still mired in the relegation zone.

    US Strikes in Yemen Target al-Qaida in the Arabian Peninsula

    Chief Petty Officer William "Ryan" Owens, 36, was killed in the raid, as were civilians, reportedly including an 8-year-old girl. A number of civilians were also killed in the battle, something the Pentagon has acknowledged and is investigating.
  • Ambarella, Inc. (NASDAQ:AMBA), Seagate Technology plc (NASDAQ:STX)

    The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website . Shares of Ambarella (NASDAQ:AMBA) traded down 1.39% during midday trading on Tuesday, hitting $58.95.

    Analytical Guide for AT&T Inc. (T), Microsoft Corporation (MSFT) Stakeholders

    Motley Fool Wealth Management LLC's holdings in Microsoft Corporation were worth $780,000 at the end of the most recent quarter. The software giant reported $0.84 earnings per share for the quarter, beating the Zacks' consensus estimate of $0.79 by $0.05.
    US Home Price Growth Accelerates In December

    US Home Price Growth Accelerates In December

    Steady job gains and growing consumer confidence have encouraged more people to take the plunge and look for a home. Home prices have now risen in each of the past six months after falling in each of the prior three months.
  • Northwestern Beats Michigan on Full-Court Pass, Buzzer-Beater

    Northwestern Beats Michigan on Full-Court Pass, Buzzer-Beater

    The point is that the streak is over thanks to one of the most incredible passes you'll see on a basketball court. Northwestern's Bryant McIntosh is now up to 525 career assists, three short of Michael Thompson's school record .

    President Trump Pays Tribute To Fallen Navy SEAL At Congress Address

    It marked the first combat death in Trump's presidency. "This was a mission that started before I got here", Trump said . Trump quoted Defense Secretary James Mattis' positive assessment of the raid during his speech Tuesday.

    Pro-Trump Rally Slated For Monday In Atlanta

    Supporters of President Donald Trump are expected to fill Liberty Plaza on Monday for a rally, Patch has learned. Georgia Tea Party member Debbie Dooley has organized the event in Atlanta.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.