Timothy Weatherhead writes in The Hill that the Department of Labor’s new fiduciary rules for financial advisors may be terminated when Donald Trump takes over presidency on January 20th. He writes:
Jill Hoffman, vice president of government affairs for Financial Services Roundtable, told The Hill Extra she expects the Trump administration to initially suspend the rule upon taking office, given his campaign platform. “The Trump campaign made very clear that any new regulations from the Obama administration that were not compelled by Congress or for public safety there’s a plan to put a temporary hold on any of those regulations,” Hoffman said. “We can reasonably assume that there’s going to be some kind of freeze on, not just the DOL rule, but any other rules not compelled by Congress or for public safety reasons.” Brian Gardner, managing director of financial services firm KBW, told The Hill Extra the length of the suspension is entirely up to the new administration. Following the suspension, the administration has to determine how to proceed, he said.