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- On June 25, 2018
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The rule, drafted over six years by the Labor Department, was strongly challenged by the financial services and insurance industries even as it was being written. The industries argued that the rule would make it too costly to work with smaller investors. The rule’s future was initially called into question shortly after President Trump took office. Then, last November, the Labor Department pushed back the full application of the rule by 18 months, to July 2019. The Department of Labor declined to comment on Friday. Nor did it provide any guidance on what rules now apply to retirement accounts. “It seems that even the D.O.L., through its silence, is taking the position that the rule is dead,” said Arthur Laby , a professor at Rutgers Law School and expert in fiduciary law. Generally speaking, brokers must make recommendations that are deemed “suitable,” which is a less stringent requirement than a fiduciary standard. The Labor Department rule would have required financial professionals, including brokers and insurance agents, to adhere to the higher standard when providing advice related to their tax-advantaged retirement accounts, like individual retirement accounts.
For the original version including any supplementary images or video, visit https://www.nytimes.com/2018/06/22/your-money/fiduciary-rule-dies.html
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A federal judge could refuse to give the Trump administration the authority it wants to hold families in custody for more than 20 days, which is the current limit because of a 1997 court order. And the president’s order does nothing to address the plight of the more than 2,300 children who have already been separated from their parents under the president’s “zero tolerance” policy. Federal officials initially said those children would not be immediately reunited with their families while the adults remain in federal custody during their immigration proceedings. “There will not be a grandfathering of existing cases,” said Kenneth Wolfe, a spokesman for the Administration for Children and Families, a division of the Department of Health and Human Services. Mr. Wolfe said the decision about the children was made by the White House. But later Wednesday evening, Brian Marriott, the senior director of communications for the agency, said that Mr. Wolfe had “misspoke” and insisted that “it is still very early, and we are awaiting further guidance on the matter.” Mr. Marriott said that “reunification is always the goal” and that the agency “is working toward that” for the children separated from their families because of Mr.
For the original version including any supplementary images or video, visit https://www.nytimes.com/2018/06/20/us/politics/trump-immigration-children-executive-order.html