Labor Secretary R. Alexander Acosta has made halting the fiduciary rule’s June 9 compliance date as a top priority, with published reports saying he’s looking for a way to freeze the rule that will “stick.”
“Our sense is that he [Acosta] is still looking for a ‘solution’ that could be implemented in final form before June 9,” Fred Reish, partner in Drinker Biddle & Reath’s employee benefits and executive compensation practice group in Los Angeles, told ThinkAdvisor on Thursday. “He seems to want an answer that cannot be challenged successfully in court. But, we think he is still looking for that answer.”
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