DoL Sends Final Fiduciary Rule Delay To Office Of Management And Budget (Greg Iacurci, Investment News)

DoL Sends Final Fiduciary Rule Delay To Office Of Management And Budget (Greg Iacurci, Investment News)

This week, the Department of Labor sent the final version of its delay proposal to OMB for review, following its brief 15-day comment period. If approved, the rule delay will come back to the DoL to publish in the Federal Register in the coming weeks. However, given that there were over 1,100 comments submitted about the proposed delay, fiduciary rule supporters are questioning whether the DoL could have possibly read and incorporated all the feedback in the barely-2-week time period between when the comment period closed, and when the final delay proposal was submitted this week to OMB. As a result, there is still a possibility that OMB could decline the DoL’s proposed delay upon review, and/or that fiduciary supporters could sue the DoL for a hasty multi-week rulemaking process, especially in light of the fact that fiduciary opponents have already sued the DoL for claiming its multi-year process of formulating the rule was too hasty in the first place. In the meantime, the public comment period for proposed changes to the DoL fiduciary rule is also open, until April 17th; if/when the fiduciary rule delay is made final, pushing out the applicability date to June 9th, there will still likely be another proposal to come forth that may further delay or modify the rule, based on the second comment period closing next month.

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