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Capitol Report: Text of presidential memorandum on fiduciary duty rule

Following is the text of a presidential memorandum on the fiduciary duty rule, as released Friday by the White House.

MEMORANDUM FOR THE SECRETARY OF LABOR

SUBJECT: Fiduciary Duty Rule

One of the priorities of my Administration is to empower Americans to make their own financial decisions, to facilitate their ability to save for retirement and build the individual wealth necessary to afford typical lifetime expenses, such as buying a home and paying for college, and to withstand unexpected financial emergencies.

The Department of Labor’s (Department) final rule entitled, Definition of the Term “Fiduciary”; Conflict of Interest Rule ‑‑ Retirement Investment Advice, 81 Fed.

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