By Sheri A. Creger, CPFA | Feb 4, 2017
Yesterday President Trump signed a Presidential Memorandum that instructed the DOL to conduct a new “economic and legal analysis” to determine whether the rule is likely to harm investors, disrupt the industry, or cause an increase in litigation and/or the price of investment advice.
The memo further said that if the DOL concludes that the regulation does hurt investors or firms, it “shall publish for notice and comment a proposed rule rescinding or revising” the regulation.
In other words, what President Trump has actually done with this Memorandum is to direct the Labor Secretary to begin a “new” rulemaking process, which might either rescind or revise the existing (and already-effective) Fiduciary rule that is set to be “applicable” as of April 10, 2017. Stay tuned for updates.