CFP Board, other fiduciary advocates prep for fight to save DoL rule, Financial Planning, ft. Brendan McGarry
Brendan P. McGarry, Esq., Attorney in Kaufman Dolowich & Voluck, LLP Chicago, was quoted in an article by Kenneth Corbin – FinancialPlanner, on anticipation that the Trump administration could derail the Department of Labor’s contentious fiduciary rule. Groups like the CFP Board are adopting a defensive strategy: focus on preserving investor protections from the previous administration, rather than championing new regulations.
‘CAN’T TOSS OUT RULE’
However, some experts observe that, since the rule is already on the books, amending or repealing the rule will initiate a new series of procedural hurdles.
“[D]oing so will likely take additional rulemaking because the rule was actually enacted — as opposed to simply stating the rule is dead — which will take additional comment periods,” says Brendan McGarry, an attorney with the law firm Kaufman Dolowich & Voluck, who represents RIAs and other financial professionals in litigation and regulatory affairs.