Fred Reish Comments on Shifting Strategies on DOL Fiduciary Rule for Financial Advisor

Benefits and executive compensation partner Fred Reish discussed potential Congressional efforts to reevaluate the Department of Labor’s fiduciary rule, which increases standards for fiduciary care on retirement, with Plan Advisor.

House Education and Workforce Committee Chairman Tim Walberg penned a letter to Labor Secretary Lori Chavez-DeRemer, requesting she “rethink” the fiduciary rule, according to the article. Walberg’s request comes after a federal court paused to allow the new administration and the DOL to analyze its response to the rule. Reish noted that the pause and letter could possibly signal a change in course for DOL strategy.

“While this suggests that the DOL might stop defending the Biden DOL’s fiduciary regulation, it does not necessarily mean that it will. We will likely know the outcome in a matter of weeks,” Reish noted.