The Department of Labor's new fiduciary rule will not be swiftly implemented, as its review at the Office of Management and Budget "is just the beginning of the process," according to Phyllis Borzi, assistant secretary of labor.
Once the OMB's review is concluded, the DOL will hold a public comment period, have public hearings, and then reopen another comment period, explained Borzi.
Then, transcripts of public hearings will be posted for review, after which opponents and proponents of the rule will continue to have the opportunity to give the DOL their input.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
