"Just this week, the Department of Labor (DOL) published a proposal to delay full implementation of the fiduciary rule for another 18 months," reports the left-leaning Economic Policy Institute (EPI). The Trump administration already delayed implementation of the rule once earlier this year.
The fiduciary rule, which was one of the Labor Department's achievements under former President Barack Obama, requires financial advisors to act in the best interests of clients when it comes to overseeing retirement accounts.
The Obama administration had estimated that it would save retirement investors about $17 billion a year in hidden fees and lost earning potential.
"Implementing the fiduciary rule sooner rather than later benefits consumers," certified financial planner at Personal Capital Michelle Brownstein tells CNBC Make It, "because it legally requires financial advisors to give advice in the best interest of their clients when advising on retirement accounts. I don't know anyone who would choose to go to a doctor that hasn't taken the Hippocratic oath to 'do no harm,' so taking financial advice from someone who does not have to act as a fiduciary to you is something I would not condone."
Opponents of the rule argue that it will limit customers' investment options and increase costs for the financial advisory industry.
If the delay is approved, financial firms would have until July 2019 to make tweaks.