WASHINGTON – Twenty years ago, it seemed as if the Cape and Islands were ready to tap into the wind off our shores and lead the nation into a new era of renewable energy.
Cape Wind, located in Nantucket Sound, faltered after a tortuous 16-year regulatory process, but on Tuesday Vineyard Wind received its final approval from the federal government and will become the nation’s first industrial-scale offshore wind farm.
Secretary of Interior Deb Haaland and Secretary of Commerce Gina Raimondo announced final approval of construction and operation for Vineyard Wind on Tuesday morning, clearing the way for construction to begin.
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Investment Advice Rules On Standby, Targets End Of 2021
President Joe Biden took office with an overflowing plate of items requiring immediate attention, and the Department of Labor’s investment advice rule was nudged to the side.
The new administration didn’t even withdraw the Trump administration rule, preferring to let it take effect Feb. 16 and worry about working to change it later. The Biden DOL assured the industry that those changes are coming in the form of a guidance.
But prominent analysts say not to expect much to change in the short term. Instead, advisors and agents should be focused on compliance with the rule by the end of 2021.
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Investment Advice Rule Could Still End Up Back In Court
Not quite.
There could be plenty more changes in store before the investment advice rule is finally in place, said Brad Campbell, a partner at Faegre Drinker Biddle & Reath, during a Thursday webinar sponsored by the National Association for Fixed Annuities.
In fact, more lawsuits might still be argued before the industry has a settled rule, Campbell said.
The potential legal issue concerns the best interest standard included in the investment advice rule, he explained. In 2018, the Fifth Circuit Court of Appeals tossed out the fiduciary rule, a predecessor to the current rule, ruling that the DOL exceeded its authority by creating a new regulatory scheme for the retirement plan space.