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U.S. Securities and Exchange Commission

Baltimore-area financial advisers react to Trump's hold on fiduciary rule

Baltimore-area financial advisers react to Trump's hold on fiduciary rule

Some Baltimore-area wealth managers welcomed President Donald J. Trump's decision to delay and review an Obama-era financial rule that would change how they provide advice about retirement investments, while others expressed disappointment.

Trump issued an executive order late Friday to put a 90-day hold on the so-called fiduciary rule, which was supposed to take effect in April, and called on the U.S. Labor Department to evaluate whether it should be altered, eliminated or left as is.

Advocates for the rule argue it would put everyday investors' interests ahead of the industry's.

Wall Street lobbying groups, mutual fund companies, life insurance firms and other industry...

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