The Daily Caller discusses the White House halting the Department of Labor's fiduciary rule with John Berlau.
While Friday’s action establishing the framework for further repeals down the road, future regulatory rollbacks could include personnel changes at agencies or more executive orders.
Another portion of Friday’s order will take aim at halting the Department of Labor’s retirement advice rule, also known as the “fiduciary rule,” issued by the Obama Administration in 2016. The ruling effectively requires brokers to act in their clients’ best interests when they are advising them on retirement or 401k plans. By the Labor Department’s own estimates, the ruling is “the most expensive regulation promulgated by the Obama administration last year,” senior fellow for the Competitive Enterprise Institute, John Berlau, tells The Daily Caller News Foundation. Indeed, compliance costs for this rule are expected to be as high as $31 billion over the next decade, according to the Labor Department.
Opponents of the Labor Department rule not only argue that the compliance costs are extraordinarily burdensome, but that any new or further regulations should be instituted by an agency that has more expertise, like the Securities and Exchange Commission.
Read the full article at The Daily Caller.