When a government agency is plotting, they have to do it in public and it’s just a matter of when you find the clue.

The Department of Labor (DOL) has filed a draft regulation called “Improving Investment Advice for Workers & Retirees Exemption” with the Office of Management and Budget (OMB).

We can’t read the proposed regulation, but it’s safe to say that it represents the DOL’s new fiduciary rule, and that the “exemption” referenced in the title of the rule will be related to the regulation best interest package currently being implemented by the U.S. Securities and Exchange Commission (SEC).

The only issue is that this is a Presidential election year and we remember the last time there was a Presidential election year, a certain new fiduciary rule that was going to be implemented and was killed off when Trump was elected.