Trump action leaves fate of investor protection rule in limbo
The White House dropped a provision from a presidential memo issued last week that would have delayed a rule requiring your financial advisor to provide you with advice that's in your best interest.
The absence of the delay of the so-called fiduciary rule is sowing confusion over the fate of a regulation estimated to cost the financial services industry as much as $20 billion.
A draft of the memo, which was obtained by CNBC, had instructed the Labor Department to push back the effective date by 180 days and conduct a review of the rule's costs and benefits. A senior White House official briefing reporters less than 24 hours before the memo was finalized Friday said the administration intended to "defer the implementation." As late as Friday morning, opponents of the rule were cheering the expected delay.
"This delay will allow the administration to potentially repeal the rule entirely," Rep. Ann Wagner, R-Mo., said in a statement, later standing next to President Donald Trump in the Oval Office as he signed the memo.
https://www.msn.com/en-us/money/savingandinvesting/trump-action-leaves-fate-of-investor-protection-rule-in-limbo/ar-AAmF253?li=BBnbfcN&ocid=edgsp