Trades Request Meeting with Acosta to Discuss Fiduciary Rule

The CEOs of nine financial trade associations, including the American Bankers Association, wrote to newly confirmed Secretary of Labor Alexander Acosta today requesting a meeting on the Department of Labor’s fiduciary rule. The implementation of the rule was recently postponed for 60 days, following a written directive from President Trump. The purpose of the meeting would be to discuss a path forward to ensure that retirement savers are not negatively affected by the rule, which expands the definition of “fiduciary” under the Employee Retirement Income Security Act and the Internal Revenue Code, the groups said.

ABA has long advocated for changes to the fiduciary rule, as well as a longer implementation period to allow banks of all sizes time to comply.

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