The Labor Department’s proposed 18-month delay for the fiduciary rule’s major compliance requirements and enforcement mechanisms is needed for regulators to complete a full review of the rule, according to language in Labor's proposal released today.
This week, the Office of Budget and Management signed off on the proposed delay after an expedited review of the proposal. OMB took less than four weeks to green light a delay.
Reviews of proposed rule-making commonly take up to three months.
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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.
