Labor Secretary R. Alexander Acosta has made halting the fiduciary rule's June 9 compliance date as a top priority, with published reports saying he's looking for a way to freeze the rule that will "stick."
"Our sense is that he [Acosta] is still looking for a 'solution' that could be implemented in final form before June 9," Fred Reish, partner in Drinker Biddle & Reath's employee benefits and executive compensation practice group in Los Angeles, said. "He seems to want an answer that cannot be challenged successfully in court. But, we think he is still looking for that answer."
News is that Acosta told Sen. Tim Scott, R-S.C., that he "recognized the urgency of the situation" and that he is looking for a way to halt the rule — which has been delayed from April 10 to June 9.
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