New legislation would push back – way back – implementation of the Labor Department’s fiduciary rule.
Congressman Joe Wilson (R-S.C.) has introduced the Protecting American Families’ Retirement Advice Act.
In announcing the bill, Wilson said “The Department of Labor’s fiduciary rule is one of the most costly, burdensome regulations to come from the Obama Administration. Rather than making retirement advice and financial stability more accessible for American families, they have disrupted the client-fiduciary relationship, increased costs, and limited access.”
The bill is all of two pages long (and that’s with a lot of white space). It addresses the effective date of the rule, noting, “Notwithstanding the effective date set forth in the rule submitted by the Department of Labor relating the ‘‘Definition of the Term ‘Fiduciary’; Conflict of Interest Rule-Retirement Investment Advice’’ (published at 81 Fed. Reg. 20946 (April 8, 2016)), such rule shall not take effect until the date that is 2 years after the date of enactment of this Act.”
Wilson said, “This legislation will delay the implementation of this job-destroying rule, giving Congress and President-elect Donald Trump adequate time to re-evaluate this harmful regulation.”
