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Fiduciary Regulation Clears OMB

As the industry anticipates publication of the Labor Department’s fiduciary regulation this week, the Office of Management and Budget (OMB) has finished its review, according to a posting on the OMB’s website.

The OMB has had the regulation under review since Jan. 28.

Before agency rules are published, they are reviewed by the OMB’s Office of Information and Regulatory Affairs, which has up to 90 days to act. The release keeps the regulation on track to be finalized in timing that would prevent Congress from exercising its power to reject them under the 1996 Congressional Review Act. That law gives Congress 60 legislative days to reject, by a special swift procedure, any regulation it dislikes before the rule takes effect.

President Obama can be expected to veto that action, of course.

The proposed rule was at OMB last year from Feb. 23 until it was published on April 14.