DOL proposes 60-day delay to fiduciary rule

The Department of Labor proposed a rule Wednesday to delay the applicability date of its fiduciary rule for 60 days. The implementation date of the rule, which raises investment advice standards in retirement accounts, is currently set for April 10. There will be a 15-day comment period on the proposal to extend the applicability date of the rule, beginning from the time the proposal is published in the Federal Register, scheduled for Thursday. The proposal also invites a 45-day comment period regarding the "examination described in the President's Memorandum." In a Feb. 3 memo, President Donald Trump directed the Labor Department to review the fiduciary rule, and amend or replace it if the agency found it harms investors or financial firms. The Office of Management and Budget concluded its review of the rule yesterday.