This morning, the Department of Labor published a proposal to delay full implementation of the fiduciary rule for another 18 months. This delay would cost people saving for retirement $10.9 billion over the next 30 years—on top of the $7.6 billion that they will lose as a result of delays that DOL has already put in place. It is expected that DOL will quickly finalize this delay.

The only explanation for why the Trump administration is forcing these delays is that they are doing so at the behest of the financial services industry. The only people who benefit from the delay of this rule are unscrupulous financial advisers and financial services companies, who will be allowed to steer customers towards investments that pay a lower rate of return for the saver, but offer a higher commission to the adviser.

People who work hard their whole lives should be able to invest for retirement without worry of being fleeced by salespeople. The Trump administration should embrace the fiduciary rule as a way of helping working people, and not undermine the work done to protect retirement savers from unscrupulous financial professionals.