The Department of Labor's new fiduciary rule will not be swiftly implemented, as its review at the Office of Management and Budget "is just the beginning of the process," according to Phyllis Borzi, assistant secretary of labor.
Once the OMB's review is concluded, the DOL will hold a public comment period, have public hearings, and then reopen another comment period, explained Borzi.
Then, transcripts of public hearings will be posted for review, after which opponents and proponents of the rule will continue to have the opportunity to give the DOL their input.
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