On January 3, 2017, a bill was introduced to delay the implementation of the DOL’s fiduciary rule by two years to allow Congress and President-elect Donald Trump enough time to re-evaluate the regulation.
Of note, to date, two federal courts have blocked attempts by the insurance industry to stop the rule. The U.S. Court of Appeals for the D.C. Circuit refused the request from the National Association for Fixed Annuities (NAFA) to block the rule from the April 10, 2017 compliance date. NAFA is in the process of appealing.
www.investmentnews.com; January 6, 2017.