The DOL fiduciary rule’s future remains murky
December 5, 2016 by Melanie Waddell
The head of the Senate Homeland Security and Governmental Affairs Committee recently told Labor Secretary Thomas Perez to halt implementing the Department of Labor’s “burdensome” fiduciary rule because it will likely be “undone” by the incoming Trump administration.
In a Nov. 22 letter to Perez, Sen. Ron Johnson, R.-Wis., chairman of the committee, told Perez that like DOL’s overtime rule, which was halted recently by a Texas federal judge, there is also “substantial likelihood” that DOL’s fiduciary rule will be dismantled.
I urge the Labor Department to cease implementation of the regulation immediately to spare low- and middle-income Americans, financial advisors and small businesses from the unnecessary and avoidable burdens that will drive up the costs of services and decrease access,” Johnson told Perez in his letter.
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