WASHINGTON (AP) - The Trump administration is allowing to go forward an Obama-era rule that puts stricter requirements on professionals who advise retirement savers on their investments. But it's leaving open the possibility that deep changes to the rule will still be made.
Wall Street and Republican lawmakers have been pushing against the so-called "fiduciary" rule, which requires that financial pros who charge commissions put their clients' best interests first when advising them on retirement investments. President Donald Trump in February told the Labor Department to delay implementing the rule, due to be phased in starting June 9.
But Trump's new labor secretary, Alexander Acosta, said Tuesday the department has decided not to delay the rule while it seeks public input on how to change it.