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Final Trump memo lacks explicit directive to delay DOL fiduciary rule

February 6, 2017

Final Trump memo lacks explicit directive to delay DOL fiduciary rule

A final version of the document does not direct the DOL to delay the rule for six months, nor does it tell the agency to consult with the Department of Justice to seek a stay of the litigation surrounding the rule

Feb 3, 2017 @ 5:12 pm | by Mark Schoeff Jr. | InvestmentNews.com

The final version of a memo sent by President Donald Trump on Friday to the Department of Labor directs the agency to review a sweeping investment-advice rule but does not contain an explicit delay of the April 10 implementation date.

A copy of the final version obtained by InvestmentNews shows two key parts of a draft memo that was circulating in Washington were excised from the document Mr. Trump signed around 1 p.m. in the White House.

First, the final version does not direct the DOL to delay the rule for six months. Second, it does not tell the agency to consult with the Department of Justice to seek a stay of the litigation surrounding the rule.

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