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DOL Fiduciary News: December 14, 2016

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Chamber of Commerce urges Donald Trump to take 'immediate action to undo' DOL fiduciary rule

InvestmentNews; Dec 13, 2016 @ 1:35 pm

The U.S. Chamber of Commerce this week broke the relative silence of financial industry lobbying groups and called for the incoming Trump administration to take “immediate action to undo” a Labor Department investment-advice rule.

It's a stance that most assumed industry trade associations would take, but they seem to be having trouble coming up with a precise “ask” for the Trump administration regarding the DOL rule, which would require financial advisers to act in the best interests of their clients in retirement accounts.

Donald Trump’s Pledge to Loosen Regulations on Businesses Is a Heavy Lift

The Wall Street Journal; Dec. 14, 2016 5:30 a.m. ET

President-elect Donald Trump’s promise to eliminate regulations on U.S. businesses will likely take years to fulfill given the complex steps involved in reversing them and political and legal challenges from Democratic lawmakers and state attorneys general.

Mr. Trump has said his administration will take aim at regulations across industries, and he will be backed by congressional Republicans eager to undo some of the more controversial Obama administration initiatives. Big targets include power-plant regulations and regulatory rules imposed on banks and financial institutions after the financial crisis of 2008, though the effort will also reach deep into the federal bureaucracy to include rules involving labor, telecommunications and health care.

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