Following President Trump’s executive order to review its fiduciary rule, set to take effect April 7, the Department of Labor (DOL) on Feb. 9 informed the Office of Management and Budget (OMB), which has to approve every regulation, that it wants to delay┬áthe rule’s implementation.

The delay proposal process would not start until OMB responds to the request, which is expected to take several weeks or more. The next step would be a 15-day comment period before a delay proposal is finalized, according to several sources.

The fiduciary rule requires those who sell retirement plans to put their clients’ interests first and not push investment instruments that pay the highest commission.