Fiduciary Duty Rule

This memorandum directs the Secretary of Labor to review the Obama-era Fiduciary Duty Rule, which expanded the definition of 'fiduciary' for retirement investment advice. The Secretary must examine whether the rule harms investors by reducing access to retirement advice and services, and if so, propose rescinding or revising it.

Federal Register Open PDF 82 FR 9675

Key directives

Examine whether Fiduciary Duty Rule adversely affects Americans' access to retirement information and financial advice
Prepare updated economic and legal analysis of the Rule's likely impact
Analysis must assess: harm to investors from reduced access to retirement savings offerings/products/information/advice; industry dislocations/disruptions; increased litigation and prices for retirement services
If affirmative determination made or rule deemed inconsistent with Administration priorities, publish proposed rule for notice and comment to rescind or revise the Rule

Who is ordered

Secretary of Labor · Department of Labor

Timeline

Immediate

Secretary of Labor directed to begin examination of Fiduciary Duty Rule

Near term (90d)

Economic and legal analysis to be prepared
Potential publication of proposed rule to rescind or revise

Long term

Possible rescission or revision of Fiduciary Duty Rule
Changes to retirement investment advice regulatory framework

Risks & tensions

No explicit deadline specified for completion of review or analysis—timing is discretionary
Conditional directive: rescission/revision only triggered if Secretary makes affirmative findings, creating implementation uncertainty
Potential tension between investor protection (original rule purpose) and access to advice (Administration priority)
Economic analysis requirements could delay or complicate rulemaking process