Donald Trump's stunning victory over Hillary Clinton to become the next president of the United States—as well as a GOP majority in both chambers of Congress—could spell the end of the Department of Labor's fiduciary rule, as well as what amounts to repeal of the Dodd-Frank financial reform law via the Financial CHOICE Act.
Ron Rhoades, an attorney who leads the financial planning program at Western Kentucky University, opined in a Wednesday morning blog post that he anticipates the DOL's fiduciary rule, along with the rule's best interest contract exemption (BICE), to be "halted" in early 2017. He also sees the Securities and Exchange Commission's authority to adopt its own rule under Section 913 of the Dodd-Frank Act being "repealed."
Even if the SEC's fiduciary authority is not repealed, Rhoades said, a newly constituted SEC is "highly unlikely" to move ahead with its own fiduciary rule.
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
