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OMB Finishes DOL Fiduciary Rule Review

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The Office of Management and Budget said Sunday that it has completed its review of the Department of Labor’s rule to amend the definition of fiduciary for retirement advice.

OMB’s Office of Information and Regulatory Affairs noted completion of DOL’s conflict of interest rule review on its website.

The Wall Street Journal reported Thursday that Sen. Elizabeth Warren, D-Mass., along with Labor Secretary Thomas Perez will announce Wednesday the completion of DOL’s conflict of interest rule at the Center for American Progress in Washington.

DOL must first release its rule to the Federal Register, which will likely be on Tuesday. Copies of the rule would be available at the Federal Register the next day. DOL’s final rule will likely be available on DOL’s website by Friday, April 8.

Steve Saxon, chairman of Groom Law Group and a vocal opponent of DOL’s rule, says that Perez will announce completion of the rule at the Center for American Progress, a policy institute that describes itself as progressive, as “it helps him launch it within the framework of friendly confines,” much like the administration did in endorsing DOL’s rule last year at AARP.

Saxon hopes Perez will say that a “follow-up” dialogue between DOL and the industry will be “implemented quickly so that folks can get guidance on some critical questions.”

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