For weeks, rumors have swirled as to when the Labor Department would unveil its new fiduciary regulation — but that long wait could be coming to an end.
Published reports in Politico and The Wall Street Journal citing unnamed sources both say that Secretary of Labor Thomas Perez will unveil the much-anticipated regulation at an as-yet-unannounced event on April 6 at the Center for American Progress, a think tank closely allied with the Obama administration.
A number of Democratic lawmakers are expected to be in attendance at the event, including Sens. Elizabeth Warren (D-Mass.), and Cory Booker (D-N.J.).
The fiduciary regulation has been under review at the OMB’s Office of Information and Regulatory Affairs since late January. Before agency rules are published, they are reviewed by the OMB’s Office of Information and Regulatory Affairs, which has up to 90 days to act.
The regulation has been a subject of intense scrutiny and controversy ever since its reintroduction almost exactly a year ago, and the controversy has not lessened in the months that have followed, with hundreds of comment letters, four days of testimony, and the introduction of legislation designed to delay and/or thwart the regulation, as well as numerous letters from lawmakers of the aisle urging caution in the approach.
Published reports in Politico and The Wall Street Journal citing unnamed sources both say that Secretary of Labor Thomas Perez will unveil the much-anticipated regulation at an as-yet-unannounced event on April 6 at the Center for American Progress, a think tank closely allied with the Obama administration.
A number of Democratic lawmakers are expected to be in attendance at the event, including Sens. Elizabeth Warren (D-Mass.), and Cory Booker (D-N.J.).
The fiduciary regulation has been under review at the OMB’s Office of Information and Regulatory Affairs since late January. Before agency rules are published, they are reviewed by the OMB’s Office of Information and Regulatory Affairs, which has up to 90 days to act.
The regulation has been a subject of intense scrutiny and controversy ever since its reintroduction almost exactly a year ago, and the controversy has not lessened in the months that have followed, with hundreds of comment letters, four days of testimony, and the introduction of legislation designed to delay and/or thwart the regulation, as well as numerous letters from lawmakers of the aisle urging caution in the approach.
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