May 19, 2021
Speculation is running rampant in the wealth management space that the Biden administration’s DOL may be about to resurrect the 2016 version of the DOL rule. A leading lawyer in the space who was also the assistant secretary of labor under Trump—Preston Rutledge—says that a rule change may be coming soon. Speaking specifically about the Employee Benefits Security Administration (EBSA) part of the DOL, Rutledge says “When EBSA rewrites the rule, which I believe they will, they may try to restore some of the 2016 rules provisions that were not specifically addressed in the 2018 court decision.” He elaborated, saying the DOL is taking “ a methodical approach to rewriting the fiduciary rule”.
FINSUM + Magnifi: This is about as close to an insider insight as you can get right now, and the industry is rightfully nervous.
Other news today: New Investing Methods Expose Big Value and Gold Edges Higher After Inflation Concerns Simmer Down
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