The Office of Management and Budget approved on Monday the 18-month delay for the more onerous provisions of the Labor Department's fiduciary rule.
The OMB approval, which usually takes 90 days, took less than a month.
The office listed its action as "Consistent with Change," which means OMB "had to make some changes as a result of the review, but not with the length of the extension because the title is the same," says Fred Reish, partner in Drinker Biddle & Reath's employee benefits and executive compensation practice group in Los Angeles. OMB likely had to "make changes to the economic analysis and maybe the length of the comment period."
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