[Federal Register Volume 82, Number 24 (Tuesday, February 7, 2017)]
[Presidential Documents]
[Pages 9675-9676]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-02656]


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  Federal Register / Vol. 82 , No. 24 / Tuesday, February 7, 2017 / 
Presidential Documents  

[[Page 9675]]


                Memorandum of February 3, 2017

                
Fiduciary Duty Rule

                Memorandum for the Secretary of Labor

                One of the priorities of my Administration is to 
                empower Americans to make their own financial 
                decisions, to facilitate their ability to save for 
                retirement and build the individual wealth necessary to 
                afford typical lifetime expenses, such as buying a home 
                and paying for college, and to withstand unexpected 
                financial emergencies.

                The Department of Labor's (Department) final rule 
                entitled, Definition of the Term ``Fiduciary''; 
                Conflict of Interest Rule--Retirement Investment 
                Advice, 81 Fed. Reg. 20946 (April 8, 2016) (Fiduciary 
                Duty Rule or Rule), may significantly alter the manner 
                in which Americans can receive financial advice, and 
                may not be consistent with the policies of my 
                Administration.

                Accordingly, by the authority vested in me as President 
                by the Constitution and the laws of the United States 
                of America, I hereby direct the following:

                Section 1. Department of Labor Review of Fiduciary Duty 
                Rule. (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.

                Sec. 2. General Provisions. (a) Nothing in this 
                memorandum shall be construed to impair or otherwise 
                affect:

(i) the authority granted by law to an executive department or agency, or 
the head thereof; or

(ii) the functions of the Director of the Office of Management and Budget 
relating to budgetary, administrative, or legislative proposals.

                    (b) This memorandum shall be implemented consistent 
                with applicable law and subject to the availability of 
                appropriations.
                    (c) This memorandum is not intended to, and does 
                not, create any right or benefit, substantive or 
                procedural, enforceable at law or in equity by

[[Page 9676]]

                any party against the United States, its departments, 
                agencies, or entities, its officers, employees, or 
                agents, or any other person.
                    (d) You are hereby authorized and directed to 
                publish this memorandum in the Federal Register.
                
                
                    (Presidential Sig.)

                THE WHITE HOUSE,

                    Washington, February 3, 2017

[FR Doc. 2017-02656
Filed 2-6-17; 11:15 am]
Billing code 4510-23-P