NASHVILLE, Tenn. – Even if the Trump administration seeks to repeal the Department of Labor's fiduciary rule, U.S. courts will still uphold it, says an architect of the controversial regulation.
If the rule is repealed, consumer groups will challenge the action in court, Phyllis Borzi, the former assistant Secretary of Labor of the Employee Benefits Security Administration, told more than 700 advisers attending the annual Fi360 Conference. Borzi maintained that the regulation's opponents "have no new evidence" on which to stake their case, and won't be able to meet the court's high standards for repeal.
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