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The
department's rule, which requires brokers offering retirement
investment advice to act in the best interest of their
customers, has been heavily criticized by Republicans and Wall
Street amid concerns it may make investment advice too costly.
The rule has faced a rocky time becoming effective, with
President Trump last month delaying its enactment date,
originally April 10, for 60 days. Trump has also ordered a
review of the rule.
Acosta, in an opinion piece for the Wall Street Journal, which
was also shared with Reuters, said there was "no principled
legal basis to change the June 9 date while we seek public
input".
Calling the fiduciary rule a "controversial regulation", Acosta
said while courts have upheld the rule as consistent with
Congress' delegated authority, it may not align with Trump's
"deregulatory goals".
He also said the department was seeking "public comment" on how
to revise the rule, leaving open a possibility of repealing the
rule in future.
"These are signs of positive movement for advisers and active
managers despite industry disappointment that Labor failed to
kill the rule," Cowen and Co analyst Jaret Seiberg said in a
client note.
Some Democratic Senators on Friday raised concerns over the
possibility that the Trump administration will permanently
shelve the fiduciary rule.
(Reporting by Kanishka Singh and Sruthi Shankar in Bengaluru;
Editing by Sunil Nair and Martina D'Couto)
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