Fiduciary Rules and Practices
It’s heeeeere. But for many practitioners, practices and firms that read the tea leaves, the Department of Labor’s fiduciary rule has been a reality for a while and already has shaped what they do and how they do it.In “Retirement Plan Advisors — Managing Productivity and Risk,” a June 1 session of...
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The House of Representatives approved broad-based financial overhaul legislation on June 8 that seeks to repeal major provisions of the Dodd-Frank Act, as well as the Department of Labor’s now-effective fiduciary rule.Congressional Republicans have taken aim at repealing the Dodd-Frank Act since it...
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The Department of Labor (DOL) has taken its first step in the review of the fiduciary regulation ordered by President Trump earlier this year.That step was marked by the delivery of a request for information on the fiduciary rule to the White House Office of Management and Budget, according to the...
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The new fiduciary rule will convert many current non-fiduciary advisers into fiduciaries. In MarketBeat, we provide a blog post by Fred Reish in which he discusses what this means for newly minted fiduciary advisors.
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A bill that would repeal some of the major provisions of Dodd-Frank and the DOL’s fiduciary rule will move to the House floor for a vote this week, something that did not happen in previous sessions for similar legislation. That said, even if the House passes it, its chances in the Senate are bleak...
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Having weathered some controversy over his stance on the fiduciary regulation, Labor Secretary Alexander Acosta is reportedly scheduling meetings with both advocates and critics of the rule, beginning May 30. Politico Pro reports that Acosta is scheduled to have a closed-door meeting today with a...
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The Department of Labor (DOL) has published a new set of FAQs about the fiduciary regulation, these focused on the so-called “transition period” from June 9, 2017 to Jan. 1, 2018. The big question on many minds is likely to be found in Question 4, which asks: “Will the Department make additional...
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Secretary of Labor Alexander Acosta is now on record saying he won’t delay implementation of the fiduciary regulation. He chose a very public means of doing so: an op-ed in The Wall Street Journal (subscription required) in which he states that “the Labor Department has concluded that it is...
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The new “transition” exemptions soon will apply to recommendations for IRAs. MarketBeat discusses a blog post in which Fred Reish looks at how to prepare for that shift.
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Citing an ARA report, three Senate Democrats have pressed Secretary of Labor Alexander Acosta regarding comments that he wanted to find a way to freeze the fiduciary rule and make it “stick.” The letter, signed by Sens. Patty Murray (D-WA), Elizabeth Warren (D-MA) and Corey Booker (D-NJ), recalled...
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President Trump may have signed legislation pulling back the Obama administration’s ERISA safe harbor guidance for state-run auto IRAs, but California officials say they don’t need it.In a press release, California State Treasurer John Chiang and Senate President Pro Tempore Kevin de León (D-Los...
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In January, the IRS issued Revenue Procedure 2017-18; since then advisors, investment companies, and employers have posed questions about certain 501(c)(3) organizations and the Pre-Approved 403(b) Program. In MarketBeat, Susan Diehl writes that these questions have primarily related to charter...
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One of the more novel legal arguments opposing the fiduciary regulation has resurfaced in an amicus (friend of the court) filing.Arguing on behalf of plaintiffs (including the Chamber of Commerce) in the U.S. Court of Appeals for the Fifth Circuit, the Washington Legal Foundation (WLF), a nonprofit...
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Labor Secretary Alexander Acosta says the Department of Labor’s (DOL) fiduciary rule is his number one priority, and that he is actively seeking a way to freeze the rule that will “stick.”Acosta’s comments were made during a meeting with Sen. Tim Scott (R-SC), according to a communication from...
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Concerned about reports that the Labor Department’s delay of the fiduciary rule was crafted to undermine President Trump’s directive to reexamine the rule’s impact, House Republicans are looking for some answers — and some face time. In an April 28 letter to Secretary of Labor Secretary Alexander...
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Its efforts having fallen short in the courts, a trade group has launched a grassroots campaign to derail the Labor Department’s fiduciary regulation. The National Association for Fixed Annuities (NAFA) says it has launched a White House grassroots campaign “…because we want the Administration to...
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The House Financial Services Committee approved legislation May 4 that would rein in the Consumer Financial Protection Bureau and provisions of Dodd-Frank, and repeal the Department of Labor’s (DOL) fiduciary rule.The 34-26 vote along party lines followed three days of intense debate regarding the...
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Senate Republicans feel they have the votes to undo the Department of Labor’s (DOL) rules crafting a safe harbor that exempted states’ auto-IRA programs from ERISA. The vote on H.J. Res. 66, a Congressional Review Act (CRA) resolution cancelling the Obama administration’s regulation on state...
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Senate Majority Leader Mitch McConnell (R-KY) has taken a procedural step to advance the confirmation vote for President Trump’s nominee for Secretary of Labor.Alexander Acosta was approved March 30 by the Senate Health, Education, Labor and Pensions (HELP) Committee on a 12-11 party-line vote....
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Senate Majority Leader Mitch McConnell (R-KY) has taken a procedural step to advance the confirmation vote for President Trump’s nominee for Secretary of Labor.Alexander Acosta was approved March 30 by the Senate Health, Education, Labor and Pensions (HELP) Committee on a 12-11 party-line vote....
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