DOL Appeals Fifth Circuit Decision to Stay the New Fiduciary Rule

The DOL has filed an appeal of the Fifth Circuit's decision to reverse the Texas court's decision to prevent the new rule from becoming effective earlier this week as scheduled. The Texas court issued the order to freeze the rule in July without dealing with the substance of the case--namely, whether the rule was actually invalid. The appeal, likewise, provides little insight into the DOL's thought process on how to proceed. Instead, the appeal merely preserves the DOL's right to provide substantive arguments as to why the rule should stand. The rule was initially scheduled to become effective on September 23, 2024. Clients should pay attention to further developments. For more information on the DOL fiduciary rule, visit Tax Facts Online. Read More: Link to Q3986. Note: Q is updated.