OMB Pushback Endangers DOL Fiduciary Rule Delay
February 28, 2017 by John Hilton
The Office of Management and Budget found the controversial Department of Labor fiduciary rule to be “economically significant” in a review completed Monday, a finding that puts a rule delay in doubt.
The OMB reviewed a DOL request to delay the fiduciary rule. The “economically significant” finding is a win for pro-rule consumer groups, sources say. It means a longer comment period, likely 60 days, and potentially more analysis work for the DOL to defend the rule.
The rule is slated to begin taking effect April 10. Any comment period longer than 15 days means the DOL will not be able to push back that “applicability date.”
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