Biden Fiduciary Rule Redo Has Gone to White House for Review
The U.S. Department of Labor has sent its revamped fiduciary rule to the Office of Information and Regulatory Affairs, signaling that the DOL’s Employee Benefits Security Administration is preparing to issue it. The Biden administration is expected to use the rule to focus on financial professionals who help their clients roll over money from a workplace retirement plan into an annuity or IRA. Efforts to recast a legal exemption for fiduciary investment advice in order to broaden its application has met federal district court hurdles in Florida and Texas.
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