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Obama’s ‘fiduciary duty’ rule may be living on borrowed time

Joe Mont | May 16, 2017

As befits a basketball fan, former president Barack Obama launched the political equivalent of a buzzer beater when his administration pushed a so-called “fiduciary duty rule” through the Labor Department.

With time running out on his administration’s time in office and the Securities and Exchange Commission showing no urgency in meeting a similar Dodd-Frank Act obligation, proponents of the rule tried to seize the narrative.

Democrats, however, would soon lose control of the White House. Now, with a fast-approaching June deadline, the confirmation of a conservative labor secretary, and fresh legal attacks, the controversial rule may be living on borrowed time.

The rule

In April 2016, the Labor Department finalized a rule that creates a fiduciary duty for brokers and registered investment advisers who offer retirement advice. The rule—originally scheduled to be phased in between April 10, 2017 and Jan. 1, 2018—expands the “investment... To get the full story, subscribe now.