DOL delaying fiduciary redraft release until January

Labor Secretary Thomas Perez. Photo: AP

The Department of Labor will delay releasing its controversial fiduciary redraft until at least January 2015 from the originally slated August release date.

DOL made the announcement that its proposed rulemaking under its Conflict of Interest Rule would be delayed under a change to its regulatory agenda.

Labor Secretary Thomas Perez told a Senate Appropriations subcommittee in mid-April that the redrafting of the fiduciary proposal “has been slowed down at my direction significantly because we wanted to take a step back [to] listen and learn from everyone.”

Perez noted, “We’ve been engaged in a significant amount of outreach, and I’ve met with a number of senators and congressmen on both sides of the aisle, and we’re going to continue to do that.”