The August hearing was held before Judge Randolph D. Moss of the U.S. District Court for District of Columbia. Moss engaged in tough questioning of Philip Bartz, attorney for NAFA, expressing skepticism of the plaintiff’s arguments.
It would turn out to be a preview of his decision, which denied NAFA’s request for a preliminary injunction.
5. Trump Ready to Name Pro-Business DOL Head, Reports Say
The surprise Election Day upset by Donald Trump over Hillary Clinton gave way to new hope for opponents of the DOL rule.
Attention quickly turned to who Trump would nominate as his secretary of labor. That person would hold significant sway over the future of the rule, pundits speculated.
As the contentious primaries rolled on, this chart proved more and more popular. It showed where all the Republican and Democratic presidential candidates stood on issues of importance to the financial services industry.
7. Could DOL Rule Get Caught Up In ‘Regulation Day’ Madness?
That date was important because it gave political opponents additional options to kill any regulations published afterwards. It became a moot point after the DOL published its fiduciary rule on April 6.
8. Justice Department Fires Back at Fiduciary Rule Opponents
After its fiduciary rule was countered with a barrage of June lawsuits, the DOL responded with a July court filing.
Filed in U.S. District Court for the District of Columbia, the DOL countered a series of claims made by the National Association for Fixed Annuities. Most of those claims were repeated in the other lawsuits.
DOL attorneys made a convincing case, as Judge Randolph D. Moss ultimately sided with the government in a November decision.
9. House Committee Passes Bill to Reverse Dodd-Frank, DOL Rule
The fiduciary rule shared space with the Dodd-Frank Act in this September story about a bill passed by the House Financial Services Committee.
Among the many changes the Financial CHOICE Act proposes, it would block the DOL from implementing its new fiduciary rule by incorporating into the Retail Investor Protection Act, which passed the House last year. Introduced by Rep. Ann Wagner, R-Mo., the RIPA requires the Securities and Exchange Commission to move first on a fiduciary rulemaking before the DOL can act.
The bill eliminates several Dodd-Frank provisions, including federal "bailouts" and the Volcker Rule, which restricts trading activities at banks.
Speculation has the GOP-led Congress using the Financial CHOICE Act as a vehicle to kill the fiduciary rule and Dodd-Frank.
10. Stemming the Tide: The Forces Behind the Fiduciary Rule