04.15.24

Brokerage, Annuities Industries Make Last-Ditch Effort To Delay DOL Fiduciary Rule

by: Tracey Longo

Eleven broker-dealer, annuities and insurance trade groups launched a last-minute effort get the U.S. Department of Labor (DOL) to delay finalizing the latest version of its fiduciary rule. In a letter sent to the White House, DOL Acting Secretary Julie Su and Office of Management and Budget (OMB) Director Shalanda Young, the groups contended that because the agencies rushed the process to get the DOL's “Retirement Security Rule” to the finish line, they are ignoring the rule's negative effects and likely legal challenges. The coalition cited what they say is litany of studies and the successful lawsuit that overturned a similar 2016 rule, as well as a “rushed” timeline pursued by both DOL and OMB, which reviewed the rule and sent it back to DOL last week. The DOL is expected to make final tweaks and finalize the rule by the end of April.

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