OMB completes review of DOL fiduciary rule

The Office of Management and Budget has completed its review of the Labor Department's fiduciary rule, paving the way for the imminent release of the final regulation. The OMB concluded its regulatory review of the fiduciary rule on Sunday, according to an Office of Information and Regulatory Affairs webpage. OMB's sign-off is the last step in the regulatory process before the Labor Department can release its final draft to the public, which is expected to occur Wednesday, April 6. The Department of Labor submitted its rule, which would make a fiduciary of anyone providing investment advice in retirement accounts, to the OMB for review in January. The Labor Department proposed the rule in April last year.