The Department of Labor (DOL) has wasted no time in promulgating a Notice of Proposed Rulemaking (NPRM) on its 18-month delay in enforcement of the Obama-era fiduciary rule that took effect June 9. The NPRM was published Aug. 31. The publication opened a 15-day public commentary period.
The delay will take enforcement of the fiduciary rule from Jan. 1, 2017, to July 1, 2019.
“It’s a very clear attempt at death by delay,” Andrew Stoltmann, a Chicago securities attorney and an official with the Public Investors Arbitration Bar Association, told Investment News. “The DOL, with Trump’s likely blessing, is trying to delay and gut the fiduciary duty rule.”