By: John Hamilton
A confusing Friday at the White House concluded with President Donald J. Trump failing to order a delay of the Department of Labor fiduciary rule.
The last-minute change in policy means the fiduciary rule is still set to begin taking effect April 10.
The president would be signing two orders related to financial services, Press Secretary Sean Spicer said Friday, just prior to the ceremony. One was to order a review of Dodd-Frank and the other was expected to be a review and delay of the fiduciary rule.
In a Thursday interview with The Wall Street Journal, Gary Cohn, chief economic advisor to Trump, said the fiduciary rule would be eliminated.
“It’s a bad rule for consumers,” he added.
But at the end of the day, Trump only signed one generic order directing the Secretary of the Treasury to review all laws and regulations related to the financial system and report to the president within 120 days.