Uncertainty remains about Trump’s policies, making it hard to predict what the U.S. administration will do come January 20, 2017, when Trump officially becomes president.
But if his campaign website is any indication, Trump’s set to kick “unnecessary” regulation to the curb, suggests Financial-Planning.com.
Could that include the Department of Labor’s fiduciary regulation for U.S. advisors? That regulation, which will be phased in starting in April 2017, requires all advisors of retirement accounts to abide by a fiduciary standard.
Read: Best interest standard could be fiduciary duty in disguise: expert
According to Trump’s campaign website, he’ll issue a temporary moratorium on new regulations “not compelled by Congress or public safety.” Each federal agency will be required to list all regulations from most to least critical to health and safety. “Least critical regulations will receive priority consideration for repeal.”
That’s as detailed as his regulation policy gets. His newer presidential transition website offers nothing further.
But since winning the election, Trump has displayed hints of reconciliation that belie his campaign rhetoric. First, he assured Americans in his victory speech that he’ll act as president for all of them; second, he took counsel from President Obama and decided to keep at least two provisions of Obamacare, reports The Wall Street Journal.
It’s anyone’s guess if he’ll make concessions on regulation. But one thing is certain: scrapping the new fiduciary rule means wasted costs for affected firms in the process of complying, reports Financial-Planning.com.
For example, Merrill Lynch, which plans to stop offering commission-based IRAs to comply with the new rule, has already created an associated ad campaign showing support for the regulation.