Newly appointed Labor Secretary Alexander Acosta is reportedly making the Department of Labor’s fiduciary rule his number one priority and “actively seeking a way to freeze the rule that will ‘stick,”’ according to an email purportedly authored by an aide to Senator Tim Scott (R-SC).
The comments were reportedly made by Acosta during a recent meeting with Senator Scott, an outspoken opponent of the fiduciary rule, who believes the regulation will have a negative effect on individual retirement savers.
Acosta also reportedly said that “he was in constant communication with the White House and recognized the urgency of the situation.”
Scott and eight other Republican senators recently sent a letter urging Acosta to delay the implementation of the rule until a review has been conducted.
Opponents are banking on President Trump’s February 3rd memo that directs the Labor Secretary to examine the fiduciary rule to determine whether it may adversely affect the ability of Americans to access retirement financial advice.
The DOL fiduciary rule, which redefines the fiduciary standard as it pertains to retirement investment advice, was originally scheduled to begin implementation on April 10th, but was extended to June 9th in order to fulfill the President’s directive to review the rule.