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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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