D.C. joins coalition urging Labor Department to stop delaying fiduciary rule

By Mark Iandolo | Apr 24, 2017

WASHINGTON (Legal Newsline) — District of Columbia Attorney General Karl A. Racine announced April 20 that he has joined a coalition of attorneys general led by Iowa Attorney General Tom Miller in urging the U.S. Department of Labor to lift its delay on implementing a rule.

Under the proposed rule, financial advisers would be mandated to put the best interest of their clients ahead of profit. President Trump, however, is concerned about the rule and has asked the Labor Department to review it. The rule, originally scheduled to go into effect April 10, has been delayed by 60 days.

“Postponement of its application is costing investors tens of millions of dollars each day as advisers continue to give conflicted advice and the rule should be implemented without further delay,” the attorneys general wrote, in a letter to acting Secretary of Labor Edward Hugler. “This rule is long overdue and would provide substantial protections to consumers seeking retirement investment advice and create only necessary changes to the retirement investment market.”

The other states involved in the coalition are Hawaii, Illinois, North Carolina, Oregon, Pennsylvania and Washington state.

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