Release of Final DOL Fiduciary Rule Expected Soon
April 16, 2024 by Melanie Waddell
The White House Office of Management and Budget has concluded its review of Labor’s final fiduciary rule, according to a notice on the OMB website. The review was completed Wednesday.
“With the completion of OMB’s review, the next step would be for DOL to announce the final rule,” the Insured Retirement Institute said Thursday in a statement.
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Wink’s Moore on the Market: “At a high level, the lawmakers wrote that the 2023 DOL rule ‘would revise the definition of an investment advice fiduciary under ERISA to encompass certain types of advice that are currently not covered by the law—a revision which we applaud.’ This includes, among other items:
-Advice about purchasing non-securities like fixed-indexed annuities
The lawmakers pressed for OMB and OIRA ‘to quickly complete its review of the rule so that it would become final,” adding that they’ve “long sounded the alarm on the need for strong regulations to protect our nation’s retirees from self-serving financial professionals, and there are major gaps in the regulatory framework that need immediate addressing.’
With Labor’s plan, ‘the DOL closes these loopholes once and for all and ensures that all retirement advice provided by financial professionals is made in the best interest of retirement savers,’ the lawmakers said.”
