The fiduciary rule is set to go into partial effect tomorrow, June 9th. However, the DOL has just announced that a final review of the rule is underway. The DOL is awaiting approval from the Office of Management and Budge (OMB), to conduct its full analysis, a piece of work many hope will be the backdrop to rescinding the rule before its full implementation date in January. DOL chief Acosta confirmed the review was underway in a Congressional meeting on President Trump’s budget proposal Wednesday.
FINSUM: We have always thought Acosta’s end game would be to let the rule go into partial effect now before trying to revise or rescind it later. But given how the DOL has more options to delay the rule now (given the SEC’s coming involvement), we are starting to doubt if Acosta really wants the rule gone.