Fiduciary rule to take effect June 9, Labor secretary says

The fiduciary rule will take effect June 9 without any more delays, said Labor Department Secretary Alexander Acosta in a Wall Street Journal opinion piece published late Monday. "We have carefully considered the record in this case, and the requirements of the Administrative Procedure Act, and have found no principled legal basis to change the June 9 date while we seek public input," Acosta wrote, as he acknowledged that the rule "as written may not align with President Trump's deregulatory goals." The fiduciary rule is a highly contested piece of legislation produced during President Obama's time in office. It's focused on mitigating conflicts of interests that may arise in financial advisers' investment recommendations for retirement accounts. The Department of Labor announced in March that it would delay the rule's implementation -- originally set for April 10 -- until June 9.