Labor Secretary Alexander Acosta says there is "no principled legal basis" to further extend the June 9 effective date for the parts of the fiduciary rule, even as the department seeks further public comment on the regulation. Implementation of the Obama-era regulation, designed to protect retirement savings from conflicted investment advice, was delayed once from its original April 10 date on the direction of President Donald Trump. The rule will take partial effect on June 9, with brokers and insurance agents not falling under certain aspects of the regulation until Jan. 1, 2018. In a Wall Street Journal opinion piece, Acosta said the rule "as written may not align with President Trump's deregulatory goals," adding he hoped the SEC "will be a full participant" during the review of the rule and its impact.
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