(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.
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