The Department of Labor’s new regime has met some resistance on changing its own Fiduciary Rule that went live on June 9, the delayed deadline from April. Most recently Labor Secretary Acosta noted the department has requested information from advisors and the public on implementation of the rule and its effect.
The day before the DOL Fiduciary Rule went into affect, the House passed a bill , the Financial Choice Act, with a 233-186 vote, to effectively kill many Dodd-Frank rules, including the repeal of the Fiduciary rule. However, chances of this bill being passed by the Senate seem low. But stay tuned as now the SEC has entered the fray by asking for public comment on the rule. One glitch, however, is the SEC doesn’t have authority over certain parts of the investment advisory business.