June 7, 2021
Many in the financial and insurance industries were surprised that the Biden Admin didn’t scrap Trump's Department of Labor Fiduciary Rule. Trump’s rule reinstated the traditional “five-part” test for determining fiduciary duty, but sources say the Biden Admin is making strides toward a stricter fiduciary rule. The Biden DOL will likely enforce stricter regulation and requirements for financial advice to tax-qualified retirement plans, 401ks, and other investment vehicles. Additionally, the Biden Admin is expected to act favorably toward ESG investing and promotion. The appeals courts tossed out President Obama’s stricter DOL fiduciary rule in 2018.
FINSUM + Magnifi: There are no new concrete regulations in place but speculation for a stricter rule is widespread. However, stricter regulation could increase the cost and access to financial assistance, the opposite of what the administration would like.
Other news today: Biden’s Got a New Tax ‘Compromise’ for the Wealthy and The Meme Stock Saga Continues
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