The Department of Labor (“DOL”) has initiated progress on an intriguing detail that could shape the future of fiduciary duties. A new, proposed fiduciary rule has been sent to the Office of Management and Budget (“OMB”) for review. The content of the proposition is still under wraps. The OMB must first undertake an interagency examination procedure. Following the conclusion of this process, the writing will be given back to the DOL and posted in the Federal Register.
Despite the potential for the entire process to be concluded in a matter of weeks, history shows that the journey usually spans several months. While the details of the rule change are not yet public, their eventual revelation is likely to be of keen interest to legal professionals in the corporate world.
This news has been brought forth by the Groom Law Group, Chartered. Given that the details are only forthcoming, interested parties would be wise to remain keenly alert for any updates concerning this developing story.