The Office of Management and Budget approved on Monday the18-month delay for the more onerous provisionsof the Labor Department's fiduciary rule.
The OMB approval, which usually takes 90 days, took lessthan a month.
The office listed its action as "Consistent with Change," whichmeans OMB "had to make some changes as a result of the review, butnot with the length of the extension because the title is thesame," says Fred Reish, partner in Drinker Biddle & Reath'semployee benefits and executive compensation practice group in LosAngeles. OMB likely had to "make changes to the economic analysisand maybe the length of the comment period."
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
