DOL Chief Looks to Deep Freeze Fiduciary Rule

May 11, 2017 by Steve Morelli

Labor Secretary Alexander Acosta wants to freeze the fiduciary rule in a way that will “stick,” according to an email a Senate aide sent to rule opponents on Tuesday.

Acosta told Sen. Tim Scott, R-S.C., that the rule is his No. 1 priority and that he recognized the urgency of the situation, according to an email from Scott’s aide. Acosta has not spoken publicly about the rule since his confirmation hearing in March.

The regulation had been delayed until June 9, at which point annuities sold with retirement money would fall under a fiduciary standard.

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Originally Posted at InsuranceNewsNet on May 10, 2017 by Steve Morelli.