President Trump Signs Executive Order Delaying Labor Department Fiduciary Rule
Hi all. To discuss the effect on individual investors of the executive order that was signed today, we have created this megathread. Please note that our rules on politics are still in place and political soapboxing and other off-topic comments will still be removed. This thread is meant to offer a place to discuss the financial impacts of the ruling as well as any financial steps you may want to consider going forward.
Here's what we know:
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President Trump signed an executive order which delays the implementation of the Labor Department's fiduciary rule which still had not gone into effect. The fiduciary rule required financial advisers to act in the best interest of clients and to disclose any conflicts of interest. Previously scheduled to go into effect in April 2017, its implementation date is now unclear.
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A second action of the executive order directs the secretary of the Treasury to consult regulatory agencies and report to Trump about what can be done to eliminate the "overreaching" aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act, a federal law signed by President Barack Obama in 2010.
For political discussion, please check out related posts in:
We would also like to point people at the very relevant 30-Day Challenge #2: Audit Investment Expenses. At the end of the day, nobody cares more about your expenses and investment choices than you do.
Finally, if you are feeling uncertain about things, our recommendation is the same as always: don’t panic, maintain an emergency fund, and "stay the course" with a diversified and low-cost investment portfolio.
Submitted February 03, 2017 at 04:34PM by PersonalFinanceMods http://ift.tt/2l6ovdZ
