According to a report by the Wall Street Journal, the Department of Labor’s (DOL) controversial Fiduciary Rule will be released at 11:30 am this Wednesday, April 6.
The Office of Management and Budget (OMB) began reviewing the rule in January of this year and was expected to release the final rule early next week.
The proposal was introduced last April with strong backing from President Obama and hasn’t lost momentum since. According to the DOL, the measure will “require retirement advisers to abide by a ‘fiduciary’ standard—putting their clients’ best interest before their own profits.”
The rule has been hotly debated since it was introduced, with much of the push back coming from the financial industry. Once the final rule is published, Congress will have 60 legislative days to adopt a joint resolution of disapproval, if it wishes to oppose the resolution.