It took most of President Trump’s first 100 days in office to get hisLabor Secretary in place.

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But it took just minutes after the swearing in of AlexanderAcosta for industry to mount calls for him to further extend theJune 9 implementation data of the fiduciary rule.

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The Financial Services Roundtable was among industryorganizations to offer a quick congratulation to Sec. Acosta, andcall on him to delay the entirety of the rule until the agencycompletes the new economic and legal analysis ordered byPresidential memorandum.

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And days later, more than 100 Republican lawmakers in the Houseof Representatives followed suit, “strongly” encouraging Acosta toissue a further delay until the new analysis of the rule iscompleted.

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Related: More DOL Fiduciary Rule Coverage

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In April, Labor’s Employee Benefits Security Administrationdelayed the implementation of the rule’s impartial conduct standarduntil June 9, when all advice on IRAs and 401(k) plans with lessthan $50 million in assets will have to be made in retirementinvestors’ best interests, compensation will have to be reasonable,and service providers will be prohibited from giving misleadingstatements.

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Under the original implementation date schedule, firms wererequired to acknowledge their fiduciary status in writing, alongwith a description of material conflicts of interest. But under thedelay, that requirement was pushed off until January 1, 2018, whenfull compliance with the rule is slated.

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Some attorneys described the delay in requiring writtenacknowledgement of fiduciary status as significant relief. Inissuing the delay, EBSA officials said they took a “balanced”approach, and called the delay “noncontroversial.”

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But opponents of the rule did not agree with thatassessment.

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Attorneys for Davis & Harmon, which lobbies on behalf offinancial services and insurance providers, said the claim that thedelay was noncontroversial is inconsistent with the “thousands ofpages of intense concerns about the definition of a fiduciary” madein comments to Labor throughout the rulemaking process.

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TIAA, Vanguard, LPL, FINRA, the American Benefits Council, andthe Committee of Annuity Insurers were among Davis & Harmon’sclients in 2016, according to opensecrets.org.

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Labor officials have said they expect the full analysis of therule to be completed by January 1, 2018, when providers will haveto comply with the rule’s Best Interest Contract Exemption, and besubject to its private right of action provision.

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Some analysts have portrayed Labor’s June 9 impartial standardrequirement as an act of open defiance against President Trump’smemorandum.

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In a recent opinion piece published in The Hill, DouglasHoltz-Eakin, president of the American Action Forum, a conservativethink tank, called Labor’s decision to implement the impartialconduct standard on June 9 “bureaucratic tomfoolery at its finest”that should not be tolerated.

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“Holdover Obama administration employees at DOL snuck languageinto the 60-day delay rule that effectively says, ‘we don’t carewhat the president ordered. You can have your 60-day delay, but therule will go into effect immediately on day 61 no matter what’,”wrote Holtz-Eakin.

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Some corners of the financial services and insurance industriesappear to be embracing that thesis.

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A letter by the National Association of Fixed Annuities, whichis mounting an appeal of a ruling in the Washington, D.C. DistrictCourt that upheld the fiduciary rule, said the organization isappealing directly to President Trump and Secretary Acosta to stopany part of the rule from being implemented before the fullanalysis ordered by Trump is completed.

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“We have a little more than a month to stop this runaway train,”the letter said. “NAFA is pulling out all the stops to try toprevent any part of this rule going live on June 9th.”

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