U.S. Labor Department to delay 'fiduciary' rule for 60 days pending reviewWASHINGTON (Reuters) - The U.S. Labor Department will delay implementation of its “fiduciary” rule by 60 days while it undertakes a review on whether the rule may hinder Americans’ ability to get access to retirement investment advice, according to a filing in the Federal Register. The department’s rule, which requires brokers offering retirement investment advice to act in the best interest of their customers, has been heavily criticized by Republicans and Wall Street amid concerns it may make investment advice too costly. The delay of the rule, which was slated to take effect April 10, was prompted after President Donald Trump in February ordered the department to conduct the review on whether it should be revised or repealed. In order to delay the effective date, the department had to undertake a formal rule-making process.  If the department ultimately decides on a repeal or change, it will need to undertake another rule-making process in the future. In addition to the 60-day delay, the department also said that other regulatory requirements in the rule for firms to provide disclosures and written representations of compliance to investors will not be mandated until Jan. 1, 2018. That date, the department added, is when it expects to complete its review. As of March 17, the department said it had received 15,000 comments in support of a delay, versus 178,000 comments opposing any delay.  Despite the lop-sided results, the department said a delay is justified because time is needed to complete the presidentially mandated review. Rigid adherence to the original April 10 compliance deadline, the department said, could result in “an unduly chaotic transition to the new standards” and lead to “confusion, excessive costs, and needlessly restricted or reduced advisory services.” politicsNews
labor department delay rule days pending reviewwashington reuters the labor department delay implementation fiduciary rule days undertakes review whether rule may hinder americans ability get access retirement investment advice according filing federal register the department rule requires brokers offering retirement investment advice act best interest customers heavily criticized republicans wall street amid concerns may make investment advice costly the delay rule slated take effect april prompted president donald trump february ordered department conduct review whether revised repealed in order delay effective date department undertake formal process if department ultimately decides repeal change need undertake another process future in addition delay department also said regulatory requirements rule firms provide disclosures written representations compliance investors mandated that date department added expects complete review as march department said received comments support delay versus comments opposing delay despite results department said delay justified time needed complete presidential mandated review rigid adherence original april compliance deadline department said could result unduly chaotic transition new standards lead confusion excessive costs needlessly restricted reduced advisory politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: U.S. Labor Department to delay 'fiduciary' rule for 60 days pending reviewWASHINGTON (Reuters) - The U.S. Labor Department will delay implementation of its “fiduciary” rule by 60 days while it undertakes a review on whether the rule may hinder Americans’ ability to get access to retirement investment advice, according to a filing in the Federal Register. The department’s rule, which requires brokers offering retirement investment advice to act in the best interest of their customers, has been heavily criticized by Republicans and Wall Street amid concerns it may make investment advice too costly. The delay of the rule, which was slated to take effect April 10, was prompted after President Donald Trump in February ordered the department to conduct the review on whether it should be revised or repealed. In order to delay the effective date, the department had to undertake a formal rule-making process.  If the department ultimately decides on a repeal or change, it will need to undertake another rule-making process in the future. In addition to the 60-day delay, the department also said that other regulatory requirements in the rule for firms to provide disclosures and written representations of compliance to investors will not be mandated until Jan. 1, 2018. That date, the department added, is when it expects to complete its review. As of March 17, the department said it had received 15,000 comments in support of a delay, versus 178,000 comments opposing any delay.  Despite the lop-sided results, the department said a delay is justified because time is needed to complete the presidentially mandated review. Rigid adherence to the original April 10 compliance deadline, the department said, could result in “an unduly chaotic transition to the new standards” and lead to “confusion, excessive costs, and needlessly restricted or reduced advisory services.” politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: labor department delay rule days pending reviewwashington reuters the labor department delay implementation fiduciary rule days undertakes review whether rule may hinder americans ability get access retirement investment advice according filing federal register the department rule requires brokers offering retirement investment advice act best interest customers heavily criticized republicans wall street amid concerns may make investment advice costly the delay rule slated take effect april prompted president donald trump february ordered department conduct review whether revised repealed in order delay effective date department undertake formal process if department ultimately decides repeal change need undertake another process future in addition delay department also said regulatory requirements rule firms provide disclosures written representations compliance investors mandated that date department added expects complete review as march department said received comments support delay versus comments opposing delay despite results department said delay justified time needed complete presidential mandated review rigid adherence original april compliance deadline department said could result unduly chaotic transition new standards lead confusion excessive costs needlessly restricted reduced advisory politicsnews