OMB Approves 18-Month Delay of DOL'S Fiduciary Rule

The Office of Management and Budget has approved a proposal to delay the second phase of the Department of Labor’s fiduciary rule. The OMB posted its decision on its website Tuesday, after the Labor Department submitted a letter requesting the delay on Aug. 9.

According to the notice, the action was “consistent with change.” No word yet on what those changes are, but the Labor Department will release a proposed rule for a short comment period before finalizing it.