DOL Sends Fiduciary Rule to OMB

The Department of Labor has sent a proposed rule titled “Retirement Security” (formerly titled “Conflict of Interest in Investment Advice”, also known as the Fiduciary Rule) to the Office of Management and Budget (OMB). While the text has not yet been released, according to the abstract filed with OMB, the rulemaking would amend the definition of the term ‘fiduciary’ to more appropriately define when persons who render investment advice for a fee to employee benefit plans and individual retirement accounts are fiduciaries.