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June 07, 2017 at 09:02 AM
The Department of Labor released Wednesday morning a request for information seeking public input on potential further changes to its fiduciary rule, which takes effect Friday.
The RFI was posted on the Office of Management and Budget’s website.
Labor Secretary R. Alexander Acosta told members of the House Appropriations Committee Wednesday morning that the RFI “just this morning went public” and is “asking industry, asking consumers a number of questions about the rule, about how the rule is being implemented, about the impact the rule has,” adding that “this is the first step” in the administration’s review of that rule. “We need that information and we need that data in order to decide how to proceed.”
The review is part of President Donald Trump’s Feb. 3 executive order that Labor review the rule.
Acosta reiterated to members of the committee that “this administration looked at whether [the fiduciary rule] should be postponed further and concluded that there was no basis to postpone” the June 9 effective date “any further.” The rule, he said, “is being looked at.”
