President Trump has issued an executive order, directing that the regulatory fiduciary duty expansion implemented by the Obama Administration be considered for repeal.
In an executive order issued on February 3rd, President Trump cited the need to empower Americans to make their own financial decisions, save for retirement and build individual wealth necessary to afford typical lifetime expenses as justification for his action.
The order directs the DOL to examine the rule to determine whether it may adversely impact the ability of Americans to gain access to retirement information and financial advice. It requires an updated economic and legal analysis concerning the likely impact of the rule. It also requires repeal if it reduces or limits the ability of Americans to make their own financial decisions, save for retirement and build individual wealth necessary to afford typical lifetime expenses.
The executive order virtually assures repeal of the fiduciary duty rule expansion.
