Miller urges Labor Department to lift fiduciary rule delay
Wednesday, April 19, 2017 3:36 PM
Iowa Attorney General Tom Miller is leading a group of eight attorneys general in urging the U.S. Department of Labor to lift its delay in implementing a rule that would require financial advisers to put clients' best interests ahead of their own. The rule, which was set to take effect April 10, was delayed for 60 days to June 9 after President Donald Trump ordered the agency to review the rule to determine whether would adversely affect Americans' ability to gain access to retirement information and financial advice. "To the contrary, postponement of its application is costing investors tens of millions of dollars each day as advisors continue to give conflicted advice and the rule should be implemented without further delay," the attorneys general wrote in a letter to Acting Secretary of Labor Edward Hugley. In addition to Miller, attorneys general in the states of Hawaii, Illinois, North Carolina, Oregon, Pennsylvania, Washington and the District of Columbia signed the letter.