If the Department of Labor releases a conflict of interest rule that is an echo of its original proposed expansion of the fiduciary standard, it will be met with "swift and strong legislative action."
That was the prediction Tuesday — made just hours before President Obama's State of the Union — from Lee Covington, VP and general counsel for the Insured Retirement Institute, based on his reading of lawmakers' views in recent weeks.
The long-awaited ruling has yet to be sent to the Office of Management and Budget, according to Covington. When it finally is – at any moment, according to the latest speculation – a 90-day review period will begin.
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