As of this morning, the Office of Management and Budget (OMB) has completed its review of the DOL’s request to delay the fiduciary rule and designated the delay as “economically significant.” This decision came after the OMB has met with several proponents of the rule in the last two weeks, including AARP and Consumer Federation of America.
The DOL rule is still currently set to take effect April 10, but it is speculated the Department of Labor requested a 180-day delay in their request submitted to the OMB on February 9 following Trump’s instruction to reassess the rule. With today’s status change, it is anticipated that this could mean a longer comment period on the delay rule to make revisions prior to implementation.
While delays are an almost certainty, if you have not already taken measures to adapt to best interest standard, time is still running out. We will continue to maintain our proactive communications with the Department of Labor and keep you apprised of further developments.
Jason L Smith