US stocks are hitting record highs in anticipation of regulatory rollbacks under the Trump administration. Protectionist policies, however, still pose a risk to international trade and could contribute to volatility, especially as the EU and the UK navigate their own political issues, writes Michael McDonough of Bloomberg Intelligence. Bloomberg Professional…
The Federal Reserve unanimously decided to put rate hikes on the back burner while it monitors how Trump administration policies affect economic growth. The central bank stood by its optimistic view of where the US economy is headed. The Wall Street Journal (tiered subscription model) (2/1), The New York Times…
Despite speculation that the US Department of Justice might drop its defense of the Labor Department's fiduciary rule once President Donald Trump took office, court records show it is still defending the rule's legality. The DOJ has filed a brief in federal court opposing arguments by lawyers challenging the rule….
Financial professionals are discussing ways in which the Department of Labor's fiduciary rule might be blocked from implementation April 10. An interim rule from President Donald Trump and a delay request from the Labor Department are among plausible scenarios. InvestmentNews (1/23)
The Securities and Exchange Commission is not likely to take any major action in the foreseeable future because a confirmation hearing has yet to be set for President Donald Trump's chairman nominee and the two remaining commissioners represent opposing sides of the political spectrum. If confirmed, Jay Clayton, a partner…
Lobbyists representing the financial sector said they expect President Donald Trump to move quickly to postpone the effective date of the Labor Department's fiduciary rule. Industry organizations have argued that because the rule is so complex the cost of compliance will make financial advice more expensive. InvestmentNews (1/20), ThinkAdvisor (1/20)
The US Labor Department has released a 16-page FAQ explaining what its fiduciary rule says and how it can be used to make financial decisions. "The new consumer protections start to go into effect this April, and we want to be sure that consumers have the information they need to…
Dennis Lockhart and Eric Rosengren, presidents of the Federal Reserve Banks of Atlanta and Boston, respectively, offered their views on the central bank's expected interest-rate increases. Both said the Fed can gradually raise rates as the labor market improves and inflation increases, but they differed on how many adjustments will…
The House is expected to vote this week on a bill by Rep. Ann Wagner, R-Mo., that would expand requirements for the cost-benefit analysis that the Securities and Exchange Commission must conduct before enacting a rule. This is one of several measures moving through the House that would transfer power…
The Securities and Exchange Commission has released guidance on how firms can comply with the agency's legal requirements when changing fee structures to comply with the US Labor Department's fiduciary rule. The SEC's statement focuses largely on disclosure to prospective buyers of investment products. PlanAdviser.com (12/30)
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