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Acosta Looking to Freeze DOL Fiduciary Regulation

Labor Secretary Alexander Acosta says the Department of Labor's fiduciary rule is his number one priority, and that he is actively seeking a way to freeze the rule that will “stick.”

Acosta’s comments were made during a meeting with Sen. Tim Scott (R-SC), according to a communication from Scott’s office. Acosta also said he was in constant communication with the White House and recognized the urgency of the situation.

According to the communication, Scott pressed the case against the rule, saying that it wasn’t going to hurt Wall Street as much as it will hurt everyday Americans who need access to investment advice.

Scott and Acosta met to follow up on a letter that Scott and eight other GOP Senators sent to Acosta on April 28 urging the DOL, “pursuant to the President’s memorandum and in light of the numerous concerns with the final fiduciary rule,” to carry out “the President’s directives without delay and finalize a new fiduciary rule review before any part of the rule becomes applicable.”