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DOL Sends Final Fiduciary Rule Delay to OMB
On Tuesday, March 28, 2017, the Department of Labor (DOL) sent its final rule to delay the applicability date of its fiduciary rule to the Office of Management and Budget (OMB) for review. The Trump administration in February directed the DOL to review the regulation, which raises investment advice standards in retirement accounts. The DOL subsequently proposed a 60-day delay to the rule's applicability date, which is set to begin April. Once the OMB approves the measure, it will send it back to the DOL so it can be published in the Federal Register.