New York Attorney General Eric T. Schneiderman To Trump Administration: Donât Kill Investor Protections For Americans Saving For Retirement - In Letter To Department Of Labor, Schneiderman Urges Full Implementation Of Fiduciary Rule Without Further Delay - DOLâs Existing Delay Could Cost Investors $890 Million Over The Next Ten Years; Killing The Rule Altogether Could Cost IRA Investors Alone $189 Billion Over The Next Ten Years - Schneiderman: This Commonsense Rule Would Ensure That Financial Advisors Act In The Best Interest Of Their Clients â Hardworking New Yorkers Saving For Their Retirement

Attorney General Eric T. Schneiderman today urged the Department of Labor to resist the Trump Administration’s efforts to kill the Fiduciary Rule, an investor protection that would require financial advisors to disclose conflicts of interests and to act in their clients’ best interest -- rather than their own. Additionally, it seeks to protect consumers saving for retirement in New York and across the country from financial advisors who recommend investing in assets whose sale is financially beneficial for the advisor but harmful to the client who could end up paying higher fees. The rule, which was enacted under President Obama after more than six years of analysis and multiple opportunities for public comment, would have become enforceable earlier this month, but was delayed by 60 days following a directive by President Trump that the Department of Labor should reexamine and consider rescinding the rule.