The U.S. Chamber of Commerce is “already working” with Trump administration transition officials to “undo” the Department of Labor’s fiduciary rule, Thomas Donohue, Chamber’s president and CEO, said Monday.
In his Monday blog post, In Your Corner, Donohue said that the Chamber is “urging immediate action to undo” Labor’s fiduciary rule, because “if enacted, it would choke economic growth, increase frivolous litigation against financial advisers and make saving for retirement more difficult for hardworking Americans.”
President-elect Donald Trump, Donohue wrote, “will have the power to quickly undo some of President Obama’s executive orders by issuing executive orders of his own,” but other regulatory reforms will require going through “the lengthier and more complicated rulemaking process.”
The DOL’s rule is one of those.
Chamber is among the groups bringing the case against DOL’s fiduciary rule in the Texas case, along with other plaintiffs including the Securities Industry and Financial Markets Association (SIFMA) and the Financial Services Institute.