Catherwood LibraryILR School

A judge denied the emergency injunction requested by the U.S. Chamber of Commerce to halt the progression of the Labor Department's new fiduciary rule while the legislation is challenged in an appeals court. The injunction was deemed unnecessary because the most controversial aspects of the rule will not be implemented until 2018, and also because of the Labor Department's statutory authority on the matter. The fiduciary rule was created to decrease the possibility of bad investment advice being given to retirement savers. Although many companies have already legally challenged the bill, federal judges have so far upheld the fiduciary rule.