Get critical news as it happens


The most comprehensive fiduciary database

View all questions

The Issue

In 2010, the Labor Department proposed a change to the definition of fiduciary, under the Employee Retirement Income Security Act of 1974, that would have significantly expanded the scope of those who become fiduciaries. After facing significant objections from various industry groups and financial services companies, the DOL withdrew its initial proposal and began to conduct further analysis.

In February 2015, President Obama announced that the DOL should move forward with its rule making. Two months later, the DOL announced a re-proposal of the rule, which was followed by a period for public comment. The DOL received 3,530 comment letters on its proposal. On January 28, 2016, the DOL sent the final rule to the Office of Management and Budget. The OMB has up to 90 days to complete its review of this significant regulatory action. If approved, the final rule will be published in the Federal Register. Under the Congressional Review Act, “major rules” must be sent to Congress and the Government Accountability Office for review and may not be enacted until 60 days after it has either been received by Congress or published in the Federal Register, whichever is later.

The DOL fiduciary rule is widely expected to have a significant effect on the financial advisers and the firms they do business with.

Keep coming back to this site for the most up-to-date information on the rule and its impact. If you have a suggestion for a story you don’t see here, please contact IN’s editor, Frederick P. Gabriel Jr. at [email protected]

+ read more- read less


Twitter Chat


Hi! Glad you're here and we hope you like all the great work we do here at Mopedia. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting Mopedia.com? It'll help us continue to serve you.

Yes, show me how to whitelist Mopedia.com

Ad blocker detected. Please whitelist us or give premium a try.

Last News

tax act torrent best performing municipal bond funds social security benefits from deceased spouse tiaa cref lifecycle vanguard 2035 target date fund vanguard sp 500 fund franklin mutual fund account statement cfp exam cost t rowe price ticker symbols ssa earnings record ssi overpayment rules usaa retirement account medicare part b late enrollment penalty rolling over a 401k to an ira what percent of america are millionaires credit suisse securities usa llc address penalties for early withdrawal of 401k what is the value of 1943 steel penny reits in a rising interest rate environment what does it mean to decant 1984 ferrari 288 gto for sale how to withdraw 401k early without penalty united states oil fund lp etf are investment advisory fees tax deductible how much does a financial planner earn social security dependent survivor benefits i have tricare do i need medicare rollover to 401k or ira state farm financial statements pimco total return a fund american funds new perspective r5 pimco real return fund bank of new york mellon ny t rowe price 2020 morningstar american high income municipal bond fund is a heloc tax deductible vanguard bond index etf what is the value of 1943 steel penny