(Bloomberg) – The Trump administration is moving to further delay part of an Obama-era rule to require brokers who offer retirement advice to put their customers' interests ahead of their own.
|18-month postponement
The U.S. Department of Labor said in a court filing Wednesday that it has submitted to the Office of Management and Budget a proposal to postpone parts of the so-called fiduciary rule for an additional 18 months. If approved, Wall Street firms would have until July 2019 to make adjustments to the most contentious parts of a rule that they say could open them up to a wave of lawsuits.
The Labor Department measure, the first major overhaul of retirement savings rules since the 1970s, was released last year over strong objections from the financial industry and Republican lawmakers. President Barack Obama's administration said at the time that requiring brokers to put customers first would help eliminate biased advice that costs retirement savers billions of dollars annually in high fees and commissions.
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