DOL Fiduciary Rule Could Be Halted ‘Within Days’ of Inauguration

Some of the most "egregious regulations are already being challenged in the courts," Donohue said. "Our law firm helped put them there. You can count on the Chamber's Litigation Center to be very busy this year."

Much of the "explosive regulatory growth we have seen can be traced to two mammoth laws that the Chamber originally opposed and predicted would not work — Obamacare and Dodd-Frank," he added. 

As to the fiduciary rule, Hirschmann conceded, however, that Chamber has yet to hear directly from the incoming Trump administration regarding action to stop it. "I don't know a decision has been made, but I'm confident there are enough folks explaining the consequences; I think a delay would have been inevitable regardless."

The nomination hearing for Andrew Puzder, the fast-food executive and attorney who is Trump's choice to be the next Labor secretary, will likely be moved from the tentative Jan. 17 date to sometime in February, according to Politico. 

Parallel action in halting the fiduciary rule could come from the pending legal cases against it.

Judge Barbara M.G. Lynn heard oral arguments on Nov. 17 in the case against DOL's rule filed by nine plaintiffs in the U.S. District Court for the Northern District of Texas. She has yet to render a decision in the case, which was filed by the Chamber, along with other plaintiffs including the Securities Industry and Financial Markets Association and the Financial Services Institute. Hirschmann said Wednesday that Lynn's decision would likely come in the next 60 days. Two federal courts have recently blocked attempts by the insurance industry to halt Labor's fiduciary rule. The U.S. Court of Appeals for the D.C. Circuit last month refused a request from the National Association for Fixed Annuities to block the rule from taking effect in April. But NAFA is moving forward on its appeal in the D.C. Circuit. 

NAFA Executive Director Chip Anderson told NAFA members in a recent email that the annuity group "disagrees and is deeply disappointed" in the D.C. Circuit's order denying NAFA's request for an injunction pending appeal. "The court gave no real rationale for its decision. We are exploring all opportunities for further judicial review and look forward to a full briefing on the merits."

Pamela Heinrich, NAFA's general counsel, said that NAFA "should receive a briefing schedule" later in January from the court, "which will give us a better timing of the appeals process."

She added, however, that NAFA "continues to consider all of its options with respect to its litigation. No options are off the table at this point."

Anderson said that NAFA remains "very hopeful the new administration will repeal this anti-consumer regulation, and we continue to work with our contacts on [Capitol] Hill to effect that outcome."