U.S. President Donald Trump on Friday will direct the Labor Department to delay implementation and review a rule designed to prevent conflicts of interest when advisers give retirement advice, a senior White House official said. "We think that they have exceeded their authority with this rule and we think this is something that is completely overreaching," the official told reporters at a briefing on Thursday. Trump has pledged to sharply reduce U.S. regulations, which he says have harmed American businesses. The retirement advice rule was issued by the Obama administration and was set to take effect in April. It has been staunchly opposed by the financial services industry. Opponents of the rule argued that the rule would result in high costs that will ultimately make small accounts unprofitable. While some lawsuits were filed against the rule, companies like Bank of America Corp's Merrill Lynch and Morgan Stanley had announced plans to cooperate with the rule. The...
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