The Department of Labor has sent to the Office of Management and Budget its final rule requesting a 60-day delay to the implementation date of its fiduciary rule.
The rule must be approved by OMB. Once approved, it will be sent back to Labor for publication in the Federal Register.
Labor announced on March 1 its proposed rule to extend for 60 days — from April 10 to June 9 — the applicability date of its fiduciary rule under the Employee Retirement Income Security Act.
The proposal allowed for a 15-day comment period.
Steve Saxon, chairman of Groom Law Group, said Wednesday that Labor needs to announce the delay of the rule’s applicability date soon.
“We think OMB understands the implications, confusion and disruption that will occur if the announcement occurs after April 10. So, it would be a welcome sign if OMB completes its review within the next day or two. Further, we think DOL will move forward with the announcement as soon as possible after OMB clearance.”
R. Alexander Acosta, President Donald Trump’s nominee to be Labor secretary, told the Senate Health, Education, Labor & Pensions Committee on March 22 that, if confirmed, he would follow the president’s Feb. 3 executive order directing Labor to review its fiduciary rule.
Acosta’s confirmation hearing is tentatively scheduled for Thursday.
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