Opponents of the fiduciary rule should take heart today. One of the many big questions marks in what has become an almost macabre debacle to unwind the fiduciary rule is where new DOL chief Alex Acosta stood on the rule. Some thought he might not be ardently against it given his background in punishing financial wrongdoing. However, a new email to fiduciary rule opponents released by a Senate aide says that Acosta wants to unwind the rule in a way that “sticks”. Internal work within the DOL to undo the rule is one of the strategies being deployed to terminate it, though the passage of the new Choice Act—which has a provision killing the rule—would be the fastest. It has long odds of passing the Senate, however.
FINSUM: At least it is clear where Acosta stands now, and it certainly cannot hurt the battle against the fiduciary rule that the head of the agency which made it wants it gone.