Trump to delay rule requiring retirement advisers to avoid conflicts: official

[Eugene]

Source: Reuters

POLITICS | Fri Feb 3, 2017 | 6:02am EST

Trump to delay rule requiring retirement advisers to avoid conflicts: official

By Ayesha Rascoe | WASHINGTON

U.S. President Donald Trump on Friday will direct the Labor Department to delay implementation and review a rule designed to prevent conflicts of interest when advisers give retirement advice, a senior White House official said.

"We think that they have exceeded their authority with this rule and we think this is something that is completely overreaching," the official told reporters at a briefing on Thursday.

Trump has pledged to sharply reduce U.S. regulations, which he says have harmed American businesses.

The retirement advice rule was issued by the Obama administration and was set to take effect in April. It has been staunchly opposed by the financial services industry.

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Read more: http://www.reuters.com/article/us-usa-trump-wealth-fiduciary-idUSKBN15I199

[RKP5637]

1. In the land of Idiocracy!

[procon]

2. Yeah, cause bamboozling your clients can be ever so much fun,

not to mention more profitable. Who needs those damn consumer protection regulations when scammers and conmen are making millions by cheating their clients.