Iannarone and Edwards Comment on Proposed Delay of Fiduciary Rule

Investor Advocacy Clinic Director and Assistant Clinical Professor Nicole G. Iannarone, along with Professor Benjamin P. Edwards, currently at the Barry University Dwayne O. Andreas School of Law and joining the UNLV William S. Boyd School of Law this fall, recently commented on the Department of Labor’s recent proposal to delay implementation of the fiduciary rule. Their comment, available in full here, opposed the proposed sixty day delay for three reasons.  First, they argued that the proposal would undercut years of study and work that created a rule that will help investors save for their future.  Second, they noted that the financial services industry is prepared to implement the rule now and a sixty day delay will cost retirement investors $147 million in just one year.  Finally, Iannarone and Edwards argued that the rule should be implemented as planned to provide the necessary data to undertake the examination of the fiduciary rule as ordered by President Trump in his February 3, 2017 memorandum.  Professors Iannarone and Edwards continue to research the substantive questions raised in the President’s memorandum and plan to file a comment letter answering those questions before the April 17, 2017 deadline.