U.S. Labor Secretary says fiduciary rule to take effect on June 9(Reuters) - The U.S. Labor Department will implement its fiduciary rule on June 9 with no further delays, U.S. Labor Secretary Alexander Acosta said on Tuesday. 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 rule has faced a rocky time becoming effective, with President Trump last month delaying its enactment date, originally April 10, for 60 days. Trump has also ordered a review of the rule. Acosta, in an opinion piece for the Wall Street Journal, which was also shared with Reuters, said there was “no principled legal basis to change the June 9 date while we seek public input”. Calling the fiduciary rule a “controversial regulation”, Acosta said while courts have upheld the rule as consistent with Congress’ delegated authority, it may not align with Trump’s “deregulatory goals”. He also said the department was seeking “public comment” on how to revise the rule, leaving open a possibility of repealing the rule in future. “These are signs of positive movement for advisers and active managers despite industry disappointment that Labor failed to kill the rule,” Cowen and Co analyst Jaret Seiberg said in a client note. Some Democratic Senators on Friday raised concerns over the possibility that the Trump administration will permanently shelve the fiduciary rule. politicsNews
labor secretary says fiduciary rule take effect june reuters the labor department implement fiduciary rule june delays labor secretary alexander costa said tuesday 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 rule faced rocky time becoming effective president trump last month delaying enactment date originally april days trump also ordered review rule costa opinion piece wall street journal also shared reuters said principle legal basis change june date seek public input calling fiduciary rule controversial regulation costa said courts upheld rule consistent congress delegated authority may align trump regulatory goals he also said department seeking public comment revise rule leaving open possibility repealing rule future these signs positive movement advisers active managers despite industry disappointment labor failed kill rule cohen co analyst janet selbert said client note some democratic senators friday raised concerns possibility trump administration permanently shelves fiduciary rule 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 Secretary says fiduciary rule to take effect on June 9(Reuters) - The U.S. Labor Department will implement its fiduciary rule on June 9 with no further delays, U.S. Labor Secretary Alexander Acosta said on Tuesday. 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 rule has faced a rocky time becoming effective, with President Trump last month delaying its enactment date, originally April 10, for 60 days. Trump has also ordered a review of the rule. Acosta, in an opinion piece for the Wall Street Journal, which was also shared with Reuters, said there was “no principled legal basis to change the June 9 date while we seek public input”. Calling the fiduciary rule a “controversial regulation”, Acosta said while courts have upheld the rule as consistent with Congress’ delegated authority, it may not align with Trump’s “deregulatory goals”. He also said the department was seeking “public comment” on how to revise the rule, leaving open a possibility of repealing the rule in future. “These are signs of positive movement for advisers and active managers despite industry disappointment that Labor failed to kill the rule,” Cowen and Co analyst Jaret Seiberg said in a client note. Some Democratic Senators on Friday raised concerns over the possibility that the Trump administration will permanently shelve the fiduciary rule. 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 secretary says fiduciary rule take effect june reuters the labor department implement fiduciary rule june delays labor secretary alexander costa said tuesday 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 rule faced rocky time becoming effective president trump last month delaying enactment date originally april days trump also ordered review rule costa opinion piece wall street journal also shared reuters said principle legal basis change june date seek public input calling fiduciary rule controversial regulation costa said courts upheld rule consistent congress delegated authority may align trump regulatory goals he also said department seeking public comment revise rule leaving open possibility repealing rule future these signs positive movement advisers active managers despite industry disappointment labor failed kill rule cohen co analyst janet selbert said client note some democratic senators friday raised concerns possibility trump administration permanently shelves fiduciary rule politicsnews