Los Angeles partner Fred Reish and Washington, D.C. counsel Brad Campbell were quoted in a PlanAdviser article titled, “Changes ‘Could Happen Soon’ to Fiduciary Rule.” The article discussed the Department of Labor’s proposed fiduciary rule.
Brad, who testified before Congress regarding the proposed rule, said that the budget deal is an example of must-pass legislation and that the president will likely not veto it. He also notes that a bipartisan group of lawmakers recently released principles to guide the rule, and are creating legislation around these guidelines. “Stay tuned; we might see a material change in the progress of the rule in the next week,” he said.
Fred said that he wasn’t sure the budget deal will bring a change to the fiduciary rule process. “My view is that Republicans will focus more on issues such as defunding Planned Parenthood or limiting Syrian refugees,” said Fred. “Looking at the politics of today, those issues are greater hot buttons than the fiduciary rule, and I can’t imagine the president not vetoing a bill that has that kind of stuff in it.”