Many financial-services organizations have submitted comments calling to postpone the effective date of the Labor Department's fiduciary rule for longer than 60 days, which the agency has proposed. Some groups are seeking a 180-day delay. BenefitsPro.com (3/24), Financial Times (tiered subscription model) (3/26)
Sponsors of retirement plans, including 401(k) accounts, have expressed concern that the increased regulations imposed by the Labor Department's fiduciary rule may cause them to face lawsuits from participants or have their processes rejected by the Labor Department or the IRS. As a result, they are increasingly looking for advisers…
The Labor Department's fiduciary rule has prompted changes that are likely to last, even if the proposed rule never takes effect, Fitch Ratings says. The changes that will likely persist include greater sales of fixed-indexed annuities, shifts in compensation structures, and enhanced record-keeping and compliance efforts, Fitch says. The Hill…
With implementation of the US Labor Department's fiduciary rule scheduled April 10, the agency has made public an enforcement memorandum to clarify what financial firms should do while the rule is under review for possible postponement. InvestmentNews (tiered subscription model) (3/10), ThinkAdvisor (free registration) (3/10), Pensions & Investments (free access…
The US Labor Department has proposed postponing implementation of its fiduciary rule from April to June. The department said that if the rule goes into effect in April but is later repealed by the Trump administration, making that many regulatory changes "could unnecessarily disrupt the marketplace, producing frictional costs that…
St. Louis Federal Reserve Bank President James Bullard said he "wouldn't see any reason to be especially aggressive" with interest-rate increases given his forecast of 2% annual growth and inflation. However, his New York counterpart, William Dudley, has said that the case for a rate increase is becoming more compelling….
The Office of Management and Budget has ruled that the Trump administration's proposal to delay implementation of the Labor Department's fiduciary rule is "economically significant," a designation that subjects the proposal to more scrutiny than a proposal that is not economically significant. Several supporters of the rule have met with…
Securities and Exchange Commission acting Chairman Michael Piwowar did not call for an SEC fiduciary rule in his first major address. However, the commission could change its messaging after a permanent chairman is confirmed and other posts are filled. InvestmentNews (tiered subscription model) (2/27)
Interest-rate hikes are essential to keeping the US economy healthy and on track, regardless of what taxation and spending policies are enacted by the Trump administration, Federal Reserve Chair Janet Yellen told senators. It is the economy's "solid progress" that is "driving our policy decisions," she said. The Wall Street…
Sen. Elizabeth Warren, D-Mass., sent Andrew Puzder, who has been nominated by President Donald Trump to be labor secretary, a 28-page letter questioning how he would evaluate the agency's fiduciary rule. Trump has ordered the Labor Department to propose a rule "rescinding or revising" the fiduciary rule. InvestmentNews (tiered subscription…
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