A Department of Justice filing on April 3 indicatesthat the Department of Labor will officially institute a delayof its fiduciary rule Wednesday morning.
|DOJ told the U.S. Court of Appeals for the Fifth Circuit thatthe Office of Management and Budget review of Labor's draft rule is“nearly complete,” and that Labor anticipates that the final rulewill be transmitted to the Office of the Federal Register onTuesday.
|Labor, DOJ said, has requested that the rule be made “publiclyavailable” Wednesday morning and published in the Federal Registerno later than April 7.
|Labor sent to OMB on March 29 its final rulerequesting a 60-day delay to the implementation date of itsfiduciary rule.
|The rule must be approved by OMB. Once approved, it will besent back to Labor for publication in the Federal Register.
|Labor announced on March 1 its proposed rule to extendfor 60 days — from April 10 to June 9 — the applicabilitydate of its fiduciary rule under the Employee Retirement IncomeSecurity Act.
|The proposal allowed for a 15-day comment period.
|Members of the Senate Health, Education, Labor and PensionsCommittee voted 12-11 on March 30 to support the nominationof R. Alexander Acosta to be the next secretary ofLabor.
|Acosta told members of the HELP Committee during his March22 confirmation hearing that the criteria set out in PresidentDonald Trump's Feb. 3 executive order directing Labor to review itsfiduciary rule “really regulates and determines the Department ofLabor's approach to the fiduciary rule.”
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2023. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
