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When the DOL sent its revised Fiduciary Rule to the Office of Management and Budget on Jan. 28, it kicked off a 90-day period for the OMB to review the rule. Once it signs off (if it signs off), the DOL will release the final rule to the public.
90 days from Jan. 28 is April 28, and many think the OMB won’t wait that long to sign off. That means the final rule is likely to be published sometime in the next month, which will be followed by an 8-month implementation period. That takes us to December – so it is very possible the rule could be finalized and on the books before the end of the year – and notably – before Obama leaves the White House.
The industry and some members of Congress are widely expected to challenge the rule once published, which could potentially delay implementation beyond Obama’s term.
Any guesses on when the DOL publishes the rule? April 1 would be fitting, but my money's on Friday, April 15.
90 days from Jan. 28 is April 28, and many think the OMB won’t wait that long to sign off. That means the final rule is likely to be published sometime in the next month, which will be followed by an 8-month implementation period. That takes us to December – so it is very possible the rule could be finalized and on the books before the end of the year – and notably – before Obama leaves the White House.
The industry and some members of Congress are widely expected to challenge the rule once published, which could potentially delay implementation beyond Obama’s term.
Any guesses on when the DOL publishes the rule? April 1 would be fitting, but my money's on Friday, April 15.
