Labor Secretary Alexander Acosta leaves open the possibility his department may revise or scrap the rule after its review is complete
.. The Labor Department’s landmark retirement-savings rule is set to take effect in 2½ weeks, a move that underscores the difficulty the Trump administration is encountering in undoing Obama-era financial regulations.
.. The Obama administration said conflicted financial advice costs American families $17 billion a year and pushes down annual returns on retirement savings by a percentage point.
.. Some brokerages have already moved to solidify their compliance plans for retirement savers.
J.P. Morgan Chase & Co., for example, will now move forward with its plans to shift wealth-management clients who pay commissions in IRAs to either a self-directed option or its fee-based platform ..
.. Ms. Sweeney, the regulation saves investors $147 million every 60 days.