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Trump, GOP could torpedo DOL rule, Dodd-Frank

Trump supports Financial CHOICE Act, which would kill DOL fiduciary rule and replace Dodd-Frank.

By Melanie Waddell | Updated on November 09, 2016
The experts suggest Labor Secretary Tom Perez's fiduciary rule will be in play under a President Trump. (Photo: AP)

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the Securities and Exchange Commission’s authority to adopt its own rule under Section 913 of the Dodd-Frank Act being “repealed.”

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