Text of Presidential Memorandum on Fiduciary Duty Rule
"Memorandum for the Secretary of Labor ... (a) You are directed to examine the Fiduciary Duty Rule to determine whether it may adversely affect the ability of Americans to gain access to retirement information and financial advice. As part of this examination, you shall prepare an updated economic and legal analysis concerning the likely impact of the Fiduciary Duty Rule, which shall consider, among other things, the following: (i) Whether the anticipated applicability of the Fiduciary Duty Rule has harmed or is likely to harm investors due to a reduction of Americans' access to certain retirement savings offerings, retirement product structures, retirement savings information, or related financial advice; (ii) Whether the anticipated applicability of the Fiduciary Duty Rule has resulted in dislocations or disruptions within the retirement services industry that may
adversely affect investors or retirees; and (iii) Whether the Fiduciary Duty Rule is likely to cause an increase in litigation, and an increase in the prices that investors and retirees must pay to gain access to retirement services.
"(b) If you make an affirmative determination as to any of the considerations identified in subsection (a) or if you conclude for any other reason after appropriate review that the Fiduciary Duty Rule is inconsistent with the priority identified earlier in this memorandum then you shall publish for notice and comment a proposed rule rescinding or revising the Rule, as appropriate and as consistent with law."
The White House
Text of Presidential Executive Order on Core Principles for Regulating the United States Financial System
"It shall be the policy of my Administration to regulate the United States financial system in a manner consistent with the following principles of regulation, which shall be known as the Core Principles:  empower Americans to make independent financial decisions and informed choices in the marketplace, save for retirement, and build individual wealth;  prevent taxpayer-funded bailouts;  foster economic growth and vibrant financial markets through more rigorous regulatory impact analysis that addresses systemic risk and market failures, such as moral hazard and information asymmetry;  enable American companies to be competitive with foreign firms in domestic and foreign markets;  advance American interests in international financial regulatory negotiations and meetings;  restore public accountability within Federal financial regulatory
agencies and rationalize the Federal financial regulatory framework....
"The Secretary of the Treasury shall consult with the heads of the member agencies of the Financial Stability Oversight Council and shall report to the President within 120 days of the date of this order (and periodically thereafter) on the extent to which existing laws, treaties, regulations, guidance, reporting and recordkeeping requirements, and other Government policies promote the Core Principles and what actions have been taken, and are currently being taken, to promote and support the Core Principles."
The White House
DOL Statement on Presidential Memorandum on Fiduciary Rule
"Acting U.S. Secretary of Labor Ed Hugler today issued a statement following the release of President Trump's memorandum on the [DOL's] Fiduciary Rule: 'The [DOL] will now consider its legal options to delay the applicability date as we comply with the President's memorandum.' "
U.S. Department of Labor [DOL]
1298 Minnesota Avenue, Suite H
Winter Park, Florida 32789
Lois Baker, J.D., President firstname.lastname@example.org
David Rhett Baker, J.D., Editor and Publisher email@example.com
Holly Horton, Business Manager firstname.lastname@example.org
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