Revamped DOL Fiduciary Rule Lands at White House
June 3, 2020 | Barron’s
The DOL has sent its revamped fiduciary rule to the White House’s Office of Management and Budget for review.
This sets in motion a multimonth process that doesn’t leave the White House much time to finalize the rule ahead of a potential change in administrations, WealthManagement.com reports.
The rule is a reboot of an Obama-era regulation requiring financial professionals working on retirement accounts to meet a fiduciary standard. The original rule failed to find favor with the Trump administration and expired in court. The DOL has been working on a replacement expected to mesh with the SEC’s Regulation Best Interest.
