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January 26, 2017 at 01:32 AM
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.
Related: IMOs to DOL: Fiduciary rule class exemption sets too high a bar
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.
