Removing Barriers Blog

DOL Fiduciary Rule Could Face Challenges in New Congress and Administration
Posted November 16, 2016 by CUNA Advocacy

The Department of Labor’s Fiduciary rule could face push-back in the new Congress and Administration according to a number of sources. The first implementation date for the rule is scheduled for April 2017, but President Trump’s team has expressed a willingness to halt the rule’s implementation. 

House Republicans including Rep. Ann Wagner (R-MO) and Speaker Paul Ryan (R-WI) have also indicated a potential willingness to reintroduce legislation to halt the rule. However, such an effort would likely face a filibuster in the Senate. Legislative attempts to repeal or change the rule remain under a veto threat during the 114th Congress. The House voted 234-183 along party lines to overturn the rule last spring. 

Another possibility for a delay of the rule could be if President-elect Trump appoints a Secretary of Labor who is opposed to the rule and seeks a delay of its implementation. Some have opined that new leadership in the DOL could delay the rule indefinitely by publishing a rule delaying its implementation. 

It remains to be seen whether this will be a top priority for the administration. 

CUNA reported last week that the DOL published its first set of FAQs for the rule. We will continue to follow the progress of the rule, and any challenges to it, at the DOL and in Congress.