Although a recent survey from Financial Engines shows an overwhelming number of Americans declaring themselves in favor of the intent of the Department of Labor's fiduciary rule, it also reveals a significant lack of knowledge on what the rule means. Sixty-eight percent of respondents said they had never heard of…
The Labor Department issued a bulletin assuring financial professionals that enforcement of its new fiduciary rule will be limited during a "phased implementation period" that ends Jan. 1. "[T]he Department will not pursue claims against fiduciaries who are working diligently and in good faith to comply with the fiduciary duty…
Supporters of the Department of Labor's fiduciary rule have said they will sue the DOL if provisions of the rule that are set to go into effect June 9 are delayed again. Opponents of the rule have asked Secretary of Labor Alexander Acosta to delay the rule further to allow…
US financial markets are reacting negatively to a steady stream of troubling news from Washington, D.C. On Wednesday, the Standard & Poor's 500 index dropped 1.8%, the CBOE Volatility Index shot up 46%, Treasurys rallied and the price of gold gained almost 2%. The New York Times
Labor Secretary R. Alexander Acosta has told Sen. Tim Scott, R-S.C., he intends to put the department's fiduciary rule on hold in a way that will stick, says an aide from Scott's office. Although Acosta has not spoken publicly on the rule, which is to take effect in June, the…
The Treasury Department's review of the Dodd-Frank Act won't be finished by the early-June deadline President Donald Trump has set, people familiar with the matter said. Findings reportedly will be rolled out in stages. Reuters (5/8)
The Federal Reserve didn't change its key interest rate Wednesday. In a statement after the two-day meeting, the rate-setting committee downplayed setbacks in economic growth and hiring, possibly signaling it is leaving the door open for a rate hike in June. USA Today (5/3)
More than 100 House Republicans have sent a letter to newly confirmed Labor Secretary R. Alexander Acosta, calling on him to extend a delay of the fiduciary rule. They say the rule restricts the ability of small and midsize investors to obtain professional financial help. ABA Banking Journal online
Federal Reserve Vice Chairman Stanley Fischer still expects two additional interest-rate increases this year. Positive data from China and Europe promise strong global economic growth, he says. Bloomberg (4/21)
Even supporters of the Department of Labor's fiduciary rule have written comment letters calling for revisions. The Labor Department should "modify the scope of its definition of investment advice and certain operational aspects of the rule to protect investors in an efficient and cost-effective way while promoting access to high-quality…
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