The U.S. Labor Department’s fiduciary rule could be delayed “within days” of the new Trump administration, David Hirschmann, president and CEO of the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness, said Wednesday.
“There’s no one mechanism to achieve delay” in the rule’s implementation,” Hirschmann said, noting potential action from the Labor Department itself, directives from the White House and pending court cases. The rule, an Obama administration construct that was years in the making, seeks to mitigate conflicts of interest in the retirement advice market.
