In the first 100 days of the Trump administration, one of the main directives given to the transition team was to eliminate two regulations for every new government regulation passed. In addition, the administration used a rarely-utilized loophole known as the Congressional Review Act to target every amendment and regulation passed in the closing months of the Obama presidency. One of the prime targets, the Fiduciary Rule, is a financial regulation intended to provide customers an extra measure of protection when they find a financial advisor, originally scheduled to go into effect in April.
Why was this law so controversial? For one, the financial industry has always preferred self-regulation to government involvement. But the Fiduciary Rule goes far beyond that in terms of customer assurance and transparency. Read more…
