Memorandum Directing Review of Fiduciary Duty Rule
On February 3, 2017, President Trump signed Memorandum 2017-02656 directing the Department of Labor to review the fiduciary duty rule requiring financial advisors to act in clients' best interests when managing retirement accounts. The memorandum instructed the Labor Department to examine the rule's impact on retirement savings and consider revising or rescinding it. The review process delayed enforcement of the rule and ultimately led to a revised fiduciary standard that narrowed the scope of who must comply with best-interest obligations when advising on retirement accounts.