It appears that the proposed fiduciary rule submitted by the Department of Labor to the Office of Management and Budget is being fast-tracked and may be released today. Megan Leonhardt noted in an article on WealthManagement.com that “the proposal was expedited by the OMB after President Barack Obama publically supported the DOL’s efforts in a speech at AARP’s headquarters on Feb. 23”.
Though no details have been released, the rule would require advisers overseeing retirement plans to act under a fiduciary standard, putting client interests ahead of all other considerations when making investment recommendations on accounts covered under the Employee Retirement Income Security Act. It was also noted in the article that Consumer Federation of America’s Director of Investor Protection Barbara Roper said Monday that while the investor protection organization hasn’t received official confirmation on timing, she’s heard “from seemingly reliable sources that Tuesday is the day.”
For the complete text of the article, click here.