February 3, 2017 / 5:38 PM / 3 years ago

Trump to order 180-day delay of Labor Dept 'fiduciary' rule

WASHINGTON (Reuters) - President Donald Trump on Friday will call on the U.S. Labor Department to delay for 180 days the implementation of its fiduciary duty rule requiring brokers offering retirement investment advice to put their clients’ interest first, according to a draft memo seen by Reuters.

The draft memo also calls for the Labor Department to conduct a legal and economic review of the rule. If the department then concludes the rule is out of step with the administration’s policies, the draft memo says the department should take steps to rescind it.

Reporting by Suzanne Barlyn in New York; Writing by Sarah N. Lynch in Washington; Editing by Chizu Nomiyama

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