DOL Fiduciary News: February 17, 2017
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Insurers uncertain about impact of Trump directive on fiduciary rule
Reuters; Thu Feb 16, 2017 | 9:27am EST
NEW YORK (Thomson Reuters Regulatory Intelligence) – U.S. President Donald Trump's memorandum to the Department of Labor to review its "fiduciary rule" without ordering an explicit delay to its compliance deadline of April 10, has fueled uncertainty over its impact on an insurance industry that has already begun to prepare for compliance with the regulation against conflicts of interest in the handling of retirement investment.
While the compliance deadline remains, the Labor Department has said it will consider legal options to delay the applicability date as it prepares to review the rule as directed by Trump's memo issued on Friday February 3. However, there is no clear word yet on a definite delay or not.
Awaiting new Labor secretary, staff takes on larger role in fiduciary rule's fate
InvestmentNews (blog); Feb 16, 2017 @ 3:00 pm
In Washington, it is often said that personnel is policy. When it comes to the Labor Department's fiduciary rule, the lack of Trump administration appointees at the agency is adding to uncertainty surrounding the rule.
Fast-food executive Andrew Puzder withdrew Wednesday as President Donald Trump's nominee for Labor secretary less than 24 hours before his long-delayed hearing was to be held before the Senate Health, Education, Labor and Pensions Committee. On Thursday, Mr. Trump announced his new nominee, Alexander Acosta, dean of the Florida International University law school and a former U.S. Attorney for the Southern District of Florida. His confirmation process is not likely to conclude until well into March.
Lobbyists head to White House on investment adviser rule
The Hill; 02/16/17 06:12 PM EST
Lobbyists met with White House officials this week to discuss the fate of a controversial investment adviser rule that President Trump targeted for review.
Two representatives from the Certified Financial Planner Board of Standards, more commonly known as the CFP Board, met with White House and Labor Department officials on Tuesday, according to federal records.
Meeting on behalf of the Financial Planning Coalition, Maureen Thompson and William Nelson, told officials why they think a delay of the rule would be harmful.