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Scott Kleinberg
6,169 followers -
Former social media manager and columnist @ ChicagoTribune. Journalist. Teacher. Apple expert. Photographer. 80s fanatic. Coffee addict.
Former social media manager and columnist @ ChicagoTribune. Journalist. Teacher. Apple expert. Photographer. 80s fanatic. Coffee addict.

6,169 followers
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My new column in +InvestmentNews: It's a social media tips column for financial advisers called the Social Media Adviser.

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The Department of Labor on Friday issued an enforcement memorandum intended to ease compliance concerns related to its fiduciary rule in the near term, as the agency reviews the rule and decides whether or not to delay it.


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BREAKING NEWS: The Department of Labor proposed a rule Wednesday to delay the applicability date of its fiduciary rule for 60 days.

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The Office of Management and Budget concluded its review of a rule that would delay the implementation of the Department of Labor's fiduciary rule.

In a posting on its website on Tuesday morning, the OMB also noted that it has changed the designation of the delay to "economically significant," a more rigorous category than the previous "not econonomically significant" label that it carried when the delay was submitted to OMB by the DOL.

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Financial industry trade groups seeking to stop the DOL fiduciary rule are appealing a recent decision by a Dallas federal judge to uphold the measure.

The Securities Industry and Financial Markets Association, the Financial Services Institute, the Insured Retirement Institute, the Financial Services Roundtable and the U.S. Chamber of Commerce filed the appeal on Friday in the Fifth Circuit Court of Appeals in New Orleans.

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Sen. Elizabeth Warren, D-Mass., is pressing Andrew Puzder, President Donald J. Trump's nominee for labor secretary, on what he intends to proceed in reassessing a major investment-advice rule.

In a 28-page letter to Mr. Puzder on Monday, Ms. Warren included several questions about the DOL rule, which would require financial advisers to act in the best interests of their clients in retirement accounts.

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The U.S. Department of Labor is seeking to delay its controversial fiduciary rule for 180 days and open the measure back up for public comment, according to published reports.

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A Dallas federal judge upheld the Labor Department's fiduciary rule on Wednesday, dealing a crushing setback to financial industry attempts to kill the measure.

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The final version of a memo sent by President Donald Trump on Friday to the Department of Labor directs the agency to review a sweeping investment-advice rule but does not contain an explicit delay of the April 10 implementation date.

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Reaction from financial advisers was mixed when we asked them about the news that President Trump will halt the DOL fiduciary rule.
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