U.S. Labor Department Delays Dodd-Frank

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The U.S. Labor Department will delay its Obama-era fiduciary rule known as Dodd-Frank for 180 days and is seeking public comment.

The Labor Department proposed the rule in September 2010 under President Barack Obama but withdrew the proposal after receiving criticism.

The department re-proposed the rule in April 2015 and made it final on April 6, 2016.

The agency sent two documents to the Office of Management and Budget for approval.

One delays the proposed rule making date to April 10 for 180 days and the second starts another round of public comments.

The second document starts a round of public comment.

This rule requires brokers and other financial advisers to put their clients’ best interests first when advising them about individual retirement accounts or 401(k) retirement plans.

On Feb. 3, President Donald Trump ordered the Labor Department to review the fiduciary rule because he said he had “friends” with “nice businesses” who were struggling because of it.

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