The Department of Labor's fiduciary rule could be delayed "within days" of the new administration through action taken by Labor, instructions from the White House, or pending court cases, David Hirschmann, president and CEO of the U.S. Chamber of Commerce's Center for Capital Markets Competitiveness, said Wednesday. "There's no one mechanism to achieve delay" in the rule's implementation.
Speaking to reporters at the Chamber's 2017 State of American Business Address in Washington, Hirschmann said the rule could be halted before legislation is passed.
Rep. Joe Wilson, R-S.C., a member of the House Committee on Education and the Workforce, introduced on Jan. 6 a bill to delay the rule's implementation by two years.
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
