From: Bloomberg/BNA
By Sean Forbes
The Department of Labor sent its long-sought, long-fought fiduciary rule to the Office of Management and Budget for review, putting the financial industry one step away from dealing with new requirements aimed at preventing conflicts of interest in the provision of retirement investment advice.
The final rule was received by the OMB on Jan. 28, according to a posting on that agency’s site. A rule review by the OMB’s Office of Information and Regulatory Affairs is generally limited to 90 days, though the OMB director can extend it once for up to 30 days and the head of a rulemaking agency can extend it indefinitely. With three months for review, the final rule could be sent back to the DOL by the end of April, although it might be released even sooner.