Secretary of Labor Alexander Acosta indicated that the Department of Labor will try to roll out a new fiduciary rule, in coordination with the Securities and Exchange Commission’s rollout of their own version of a fiduciary rule.
Acosta announced these plans in an exchange during an oversight hearing held by the House Education and Labor Committee, Rep. Marcia Fudge, D-Ohio, questioned Acosta on Labor’s fiduciary plans.
When these proposed rules may be rolled out is anyone’s guess, But I wouldn’t hold my breath that it will be anytime soon.