High-placed industry consultants and administrative law experts are expecting a formal delay of the Labor Department's fiduciary rule to be announced this week, as President Trump sets about issuing executive orders to roll back the regulatory initiatives of the Obama administration.
Last Friday, hours after Trump was sworn into office, Reince Priebus, White House Chief of Staff, sent a memorandum instructing agency heads to freeze regulations yet to be published in the Federal Register and to delay the effective date of regulations already published in the register for 60 days.
But applying the White House memo to the fiduciary rule "may be a stretch," said Erin Sweeney, an Employee Retirement Income Security Act attorney with Miller & Chevalier in Washington, who is balancing how to advise her clients with the "widespread and persistent rumors" in Washington, D.C. as to what the Trump administration will do with the rule.
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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.
