DOL Fiduciary Rule Reboot Lands at OMB

June 2, 2020 by Melanie Waddell

The Labor Department has sent its fiduciary rule to align with the Securities and Exchange Commission’s Regulation Best Interest to the Office of Management and Budget for review.

Preston Rutledge, assistant secretary of Labor for the Employee Benefits Security Administration, who was charged with spearheading a new fiduciary rule to align with Reg BI, left his post at the end of May.
Oral arguments were heard Tuesday by the U.S. Court of Appeals for the 2nd Circuit in the case brought against Reg BI by XY Planning Network, seven states and the District of Columbia.

Reg BI’s effective date is June 30.

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Originally Posted at ThinkAdvisor on June 2, 2020 by Melanie Waddell.