Design by Chris Nicholls
Illustration: Gonin/Adobe Stock
Fiduciary Rule Timeline
June 30 |
Dec. 15 |
June 11 |
July 30 |
Oct. 7 |
Jan. 4 |
May 19 |
Sept. 29 |
May 11 |
Sept. 9 |
Oct. 24 |
Oct. 31 |
Nov. 7 |
Nov. 8 |
Nov. 15 |
Nov. 15 |
Dec. 12 & 13 |
Dec. 28 |
Jan. 2 |
Jan. 5 |
Jan. 9 |
Jan. 10 |
Jan. 12 |
Feb. 22 |
March 9 |
April 10 |
April 23 |
2020
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2021
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2022
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2023
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2024
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Securities and Exchange Commission’s Regulation Best Interest goes into effect for broker-dealers.
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The Office of Management and Budget completes its review of DOL’s fiduciary prohibited transaction exemption to align with Reg BI.
DOL says it plans to issue a proposed rulemaking to update the definition of “fiduciary.”
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President Joe Biden nominates Lisa Gomez, an employee benefits lawyer, to head DOL’s Employee Benefits Security Administration.
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During her confirmation hearing, Gomez tells senators “there’s nothing that is more central to ERISA than defining who is a fiduciary.”
Biden renominates Gomez to head EBSA.
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Acting assistant secretary for EBSA says Labor will factor in Reg BI as it crafts a new fiduciary advice rule.
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Senate confirms Gomez to head EBSA, making her the point person on a new fiduciary rule.
Gomez says a new fiduciary rule is a “huge priority” for DOL.
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The new fiduciary advice rule is sent to the OMB.
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Gomez explains that the rule’s name has been changed to Retirement Security to reflect a move forward from the 2016 Conflict of Interest rule.
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Biden announces the rule’s release at the White House, saying it combats “junk fees.”
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A former Treasury official says the new rule will face a lawsuit.
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Eighteen financial services trade groups press DOL to extend the 60-day comment period on the rule.
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House passes three amendments to the Labor, Health and Human Services, Education, and Related Agencies Appropriations Act, that would block the rule.
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DOL denies groups’ request to extend the comment period.
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DOL holds public hearings on the fiduciary rule proposal.
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DOL denies a second request – this time by lawmakers – to extend the Jan. 2 deadline for comments.
The comment period ends on Labor’s new fiduciary rule proposals; Trade groups predict the rule will be crushed in court.
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DOL starts reviewing nearly 20,000 comments and drafting the final rules.
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GOP lawmakers tell Labor to halt work on the rule.
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The House Financial Services Capital Markets Subcommittee, chaired by Rep. Ann Wagner, R-Mo., holds a hearing on the rule proposal and its implications for retirement savings and access.
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Phyllis Borzi, architect of the 2016 fiduciary rule, explains why the 2023 rule is not a “rehash.”
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ERISA attorneys predict the final fiduciary rule will be out by summer.
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The final DOL fiduciary rule lands at the OMB for review.
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OMB concludes its review of Labor’s final fiduciary rule.
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DOL releases final fiduciary rule.
