DOL's Advice Regulations On Hold

A memo issued by Rahm Emanuel, President's Obama’s Chief of Staff, states that published final regulations scheduled to take effect on or after Jan. 20 may be subject to a new effective date and an immediate reopening of a 30-day notice-and-comment period. The memo went on to say that, “It is important that President Obama's appointees and designees have the opportunity to review and approve any new or pending regulations. As such, DOL final regulation on investment advice, issued on January 21, 2009, falls into the delayed category.

Rep. Hilda Solis, (D-Calif.), Obama’s nominee for Secretary of the Department of Labor, is waiting to be confirmed by the Senate.  She may opt to have an additional time period to review regulations, reopen the comment period or start from scratch with the regulatory rulemaking process. Click here to read the full story.