The DOL is being directed to examine the fiduciary duty rule to determine whether it may adversely affect the ability of Americans to gain access to retirement information and financial advice. As part of this examination, the DOL is expected to prepare an updated economic and legal analysis concerning the likely impact of the rule.
The analysis must consider the following:
- Whether the anticipated applicability of the rule has harmed or is likely to harm investors due to a reduction of Americans' access to certain retirement savings offerings, retirement product structures, retirement savings information, or related financial advice
- Whether rule has resulted in "dislocations or disruptions" within the retirement services industry that may adversely affect investors or retirees
- Whether the rule is likely to cause an increase in litigation, and an increase in the prices that investors and retirees must pay to gain access to retirement services;
The DOL is being instructed to rescind or revise the rule if it makes an affirmative determination of any of the above.