Biden Fiduciary Rule Redo Has Gone to White House for Review (1)

The White House is reviewing a US Labor Department regulation that would redefine the kinds of financial advice subject to strict fiduciary standards under workplace retirement plan laws.

The highly anticipated new proposed rule (RIN 1210-AC02) went to the Office of Information and Regulatory Affairs late Friday, signaling that the DOL’s Employee Benefits Security Administration is preparing to issue it.

Regulations governing financial advice have the potential to upend retirement markets by limiting the kinds of investment products financial advisers and broker-dealers can sell. Though the proposed fiduciary rule’s text will not be public until after OIRA review, ...