President Donald Trump’s executive order to delay implementation of the Department of Labor’s fiduciary rule will likely happen within days, according to an industry source.
The executive order that’s expected to be issued by Trump could delay the rule’s implementation six months or a year, the source said.
“People are confident a delay for at least a year is imminent, but not guaranteed,” the source told ThinkAdvisor.
Rep. Joe Wilson, a member of the House Committee on Education and the Workforce, introduced a bill on Jan. 6 to delay the implementation of the fiduciary rule by two years.
Labor’s “fiduciary rule is one of the most costly, burdensome regulations to come from the Obama administration,” Wilson, R-S.C., said in a statement introducing the bill.
Sen. Elizabeth Warren, D-Mass., sent a separate letter recently to 33 financial firms asking them whether they support delaying and rolling back the Department of Labor’s fiduciary rule.
The letter — which was sent to such firms as Morgan Stanley, Raymond James, Charles Schwab & Co., Fidelity, BlackRock and TD Ameritrade — comes on the heels of reports that the incoming Trump administration will seek to delay the rule, Warren said.