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Chamber of Commerce calls on Trump to delay DOL fiduciary rule

January 12, 2017

Chamber of Commerce calls on Trump to delay DOL fiduciary rule

The business interest group would like the new administration to halt and then replace the regulation that requires advisers act in the best interests of clients in retirement accounts

January 11, 2017 @ 1:39 pm | Mark Schoeff Jr. | InvestmentNews.com 

One of the largest and most influential business interest groups is calling on the incoming Trump administration to take immediate steps to delay a Labor Department investment advice rule.

The regulation, which would require financial advisers to act in the best interests of their clients in retirement accounts, was finalized last spring and has an initial implementation deadline of April 10.

The U.S. Chamber of Commerce said Wednesday that that timeline is unrealistic for a rule it argues is too expensive and burdensome for advisers and needs to be overhauled.

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