By: Economic & Finance Report
On Friday February 3, 2017, President Donald J. Trump signed his latest executive order; on the significance and obligation of the Fiduciary Rule as it is called. The Labor Dept last year instituted the Fiduciary Rule for the prevention of financial advisers, giving conflicting advise to retirees. The rule was meant to prevent misinformation and a conflict of interest between the adviser and his/her client (retiree).
The Executive Order issued by President Trump issues the Labor Dept to prepare implementations of economic and legal analysis of the rule in various areas, and that the Secretary of Labor has the authority to rescind and revise the rule as he/she sees fit. The order most likely will go into effect immediately….-SB