The Department of Labor today proposed to extend to July 1, 2019, the applicability date for certain exemptions to the fiduciary rule.
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In a notice of administrative action filed in an ongoing lawsuit with the wealth management firm Thrivent Financial, the Department of Labor said that it has submitted a proposal to the Office of Management and Budget to extend to July 1, 2019, the applicability date for certain exemptions to the fiduciary rule.
The Department of Labor’s final fiduciary rule is “deeply flawed in several critical areas” that prevent it from functioning properly, ABA said in a comment letter today.
Testifying before the Senate Banking Committee today, Federal Reserve Chairman Janet Yellen acknowledged that aspects of the agency’s enhanced supplementary leverage ratio “may be having unintended adverse consequences” and said the Fed is looking into changes.
ABA yesterday wrote to the Environmental Protection Agency requesting changes to a proposed rule that would implement financial responsibility requirements for hardrock mining companies under the Comprehensive Environmental Response, Compensation and Liability Act.
The Department of Labor yesterday issued a request for information on the fiduciary rule as part of its ongoing review of the rule in response to an executive order by President Trump.
On the eve of the fiduciary rule’s effective date, Republican lawmakers in both the House and Senate introduced legislation today to block the rule, which greatly expands the definition of who counts as a “fiduciary” under the Employee Retirement Income Security Act and the Internal Revenue Code.