US Labor Secretary: Fiduciary rule to take effect June 9

U.S. Labor Secretary Alexander Acosta today said his department will implement the fiduciary rule on June 9 with no further delays.

The rule requires brokers offering retirement investment advice to act in the best interest of their clients.

President Donald Trump delayed the rule's enforcement, originally slated for April 10, for 60 days.

The president also has order a review of the rule.

Acosta said there's "no principled legal basis to change the June 9 date while we seek public input."

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