Aon Hewitt Washington Report
February 13, 2017
DOL Sends Proposed Rule to OMB to Delay Fiduciary Rule
On February 9, 2017, the Department of Labor (DOL) sent a proposed rule to the Office of Management and Budget (OMB) that would delay the applicability date of the fiduciary investment advice rule. The rule is otherwise scheduled to go into effect on April 10, 2017. As we reported last week, President Trump sent a memo to the Secretary of Labor on February 3 asking him to review the fiduciary rule. The proposed regulation, which is titled “Definition of the Term ‘Fiduciary’—Delay of Applicability Date,” reportedly would delay the rule by 180 days, but the text of the proposed rule is not yet available.
The OMB notice for the proposal is available here.