Acosta’s Departure Could Delay the Release of a New Fiduciary Rule

Posted on July 16th, 2019 at 10:16 AM
Acosta’s Departure Could Delay the Release of a New Fiduciary Rule

From the Desk of Jim Eccleston at Eccleston Law LLC:

The departure of Department of Labor Secretary Alexander Acosta could slow the agency’s effort to revise its fiduciary rule. Mr. Accosta is stepping down after criticism over his role in a deal reached with the alleged sexual offender Jeffrey Epstein.

The Department of Labor (“DOL”) had issued a regulation that would require brokers to act in the best interests of their clients in retirement accounts. But litigation and Regulation “BI” (Best Interest) rule-making waylaid that effort. The DOL is scheduled to release a revised fiduciary rule that would address the SEC package in December.

The Trump Administration has announced that Patrick Pizzella, Acosta’s deputy, will serve as the acting Labor Secretary. Several commentators and experts are skeptical that he is willing to move forward with the proposed fiduciary rule.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, alexander acosta, jeffrey epstein department of labor, patrick pizzella

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