Time Running Out for Trump DOL Fiduciary Rule

November 11, 2020 by Melanie Waddell

The Labor Department’s proposed fiduciary prohibited transaction exemption to align with the Securities and Exchange Commission’s Regulation Best Interest could be “a dead letter” if Labor fails to send its final version to the Office of Management and Budget this week, according to Brad Campbell, partner at Faegre Drinker in Washington.

Labor “is effectively out of time” to send a final version of its fiduciary class exemption to align with Reg BI to OMB and have it reviewed and published by Nov. 20, said Campbell, the former head of Labor’s Employee Benefits Security Administration, on Faegre Drinker’s Inside the Beltway webcast Thursday.

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Originally Posted at ThinkAdvisor on November 5, 2020 by Melanie Waddell.