South Carolina Congressman Joe
Wilson introduced a bill today designed to delay the implementation date of the
Department of Labor's fiduciary rule until 2019.
Advocates of the fiduciary rule,
which raises investment advice standards for retirement accounts, feel it is
necessary to protect investors from investment products with high fees that
erode retirement savings. Opponents say the rule is overly burdensome and makes
it more costly to give and receive advice.
The implementation date of the
fiduciary rule is set for April 10 this year, which some critics say is too
soon to complete necessary preparations.
Trump officials have criticized
the fiduciary rule, and it is likely that the implementation is delayed, it
will give Congress time to effectively kill the implementation.
However, if the Trump
administration were not to prioritize pushing through this legislation, and the
original April 10 implementation date arrives without enactment, it would
likely be much more of a challene to get the rule fully revoked.
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