House Rules Committee Chair Calls on President to Delay DOL Fiduciary Rule

Since the inauguration of President Donald Trump, the financial services industry has anticipated some sort of action from the executive branch to delay, and perhaps ultimately kill, the Department of Labor’s controversial fiduciary rule, which is scheduled to begin implementation on April 10, 2017.

Earlier this week, sources close to the matter indicated that an order to delay the rule was imminent, yet no action has been taken as of publication deadline.

Now, Representative Pete Sessions (R-TX), the chairman of the powerful House Committee on Rules, has sent a letter to the President calling on him to “act swiftly” to delay the fiduciary rule. In a statement following the delivery of the letter to the president, Sessions said:

“Today I asked President Trump to immediately announce a delay of Obama’s fiduciary rule. This misguided rule was yet another example of the Obama Administration’s one-size-fits-all approach to governing that allowed unelected bureaucrats to make decisions without fully taking into consideration the impact it would have on American families and businesses. Now that we have a President who is committed to rolling back the flawed regulations of the Obama Administration I believe we must use this opportunity to appropriately address the shortcomings of this ruling.”

“There has been a wave of uncertainty since the announcement of this rule. The longer we wait to act, the more devastating the impact will be on financial planners and key stakeholders. That is why it is critical that we provide a swift answer on the changes or implementation of the ruling. I look forward to working with my colleagues in Congress and our friends in the Administration to undo the damage caused by this onerous provision and implement a workable solution for American families and businesses.”

Sessions public call for action follow on the heels of many powerful interests, including the U.S. Chamber of Commerce. The DI Wire will continue to monitor the situation and report back on any material development.

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