From: Investment News
DOL seeks to delay fiduciary rule until July 2019
Battle intensifies as Labor Department seeks to push off implementation until July 2019
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In a brief filed in a Minnesota lawsuit Wednesday, the DOL indicated it had submitted to the Office of Management and Budget a proposal to delay the remaining parts of the rule from Jan. 1, 2018, until July 1, 2019. The OMB must review and approve the proposal before it can go into effect. The delay itself could require its own rulemaking process.
The DOL delay proposal could be posted on the OMB’s regulatory review list by Thursday morning.