The U.S. Treasury Department said it supports the delay of the Department of Labor’s fiduciary rule. In a report issued by President Trump, the Treasury said a delay in full implementation of the rule “is appropriate until the relevant issues are evaluated and addressed to best serve retirement investors.”
The report goes on to say the Treasury backs the U.S. Securities and Exchange Commission involvement and wants the DOL and SEC to work with states to see how the rule impacts the financial services industry.
When it comes to the life insurance industry, the Treasury said it “recommends strengthening consumer access and choice with respect to annuities as investments options within employer-sponsored retirement plans such as 401(k) plans.”
The Treasury also said it plans to assemble “an inter-agency task force to develop policies to complement reforms at the state level relating to the regulation of long-term care insurance.”