On January 6, 2017 Rep. Joe Wilson introduced a house bill that would delay for two years the effective date of the DOL Fiduciary Rule set to take effect on April 1, 2017. http://src.bna.com/ldB. This legislation follows comments from a number of Republican lawmakers critical of the DOL Rule, including members of the incoming Trump administration.
If passed, this legislation may provide Republican lawmakers an opportunity to eliminate or rewrite the Rule prior to its ultimate effective date. The normal administrative process for amendment or repeal of the Rule would require notice and comment periods that would impede the Trump administration from delaying or stopping the Rule before the April 1 2017 effective date.
Leave a Reply