The Office of Management and Budget approved a proposal to delay
implementation of the remaining provisions in the Labor
Department's fiduciary rule for 18 months. The proposal will
now return to the DOL, which will likely seek public comment before
issuing a final rule for approval. Although OMB had 90 days to
review the proposal, its approval of the delay took less than three
weeks. Originally scheduled to take effect on Jan. 1, 2018, the
proposal would delay implementation of the enforcement mechanisms
of the fiduciary rule until July 1, 2019, pending the ongoing
review of federal regulations and possible changes that may come as
a result.
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