The fiduciary rule will go into effect on June 9 without further delay, confirmed Secretary of Labor Alexander Acosta on Monday in a Wall Street Journal op-ed piece. The review will continue until final implementation on Jan. 1, 2018.
“We have carefully considered the record in this case, and the requirements of the Administrative Procedure Act, and have found no principled legal basis to change the June 9 date while we seek public input,” wrote Acosta. “Respect for the rule of law leads us to the conclusion that this date cannot be postponed.”
The DOL delayed portions of the Obama administration’s regulatory package that aimed to reduce the allegedly conflicted investment advice given to retirement savers until June 9. Other portions of the rule are delayed until at least Jan. 1, 2018, while the rule is under a presidentially mandated review by the agency.