Chicago’s Michael Renetzky
, Partner and Co-Chair of the Firm's Corporate and Transactional Department, addressed Secretary of Labor Alexander Acosta’s decision to move forward with the fiduciary rule’s June 9th implementation date without a second delay. Renetzky noted that the Department of Labor may have left room for further revisions to the rule, but this symbolizes "the starting pistol for final preparations" ahead of the implementation date.
Renetzky spoke further on the Secretary of Labor’s decision noting: "In fact, it appears that he has left the door open to a possible repeal. I take his opinion piece at face value. He seems to have concluded that he doesn’t have a basis to institute further delay. However, he hasn’t actually stepped back from the president’s directive to evaluate opportunity for revision or repeal."
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