The Trump administration is working on a proposal to delay the start date of the Labor Department’s ‘Fiduciary Rule’, slated to into effect 4/10/17. The administration sent its draft proposal to the Office of Management and Budget on Thursday, according to the records. The proposal also seeks to redefine the term "fiduciary," which generally requires advisers to put their clients' best interest first.

The fiduciary rule was one of the Labor Department's signature achievements under President Barack Obama, and was intended to force retirement advisers to disclose conflicts of interest and eliminate hidden fees. From the start, the measure was opposed by industry groups that argue it unfairly exposes them to litigation and limits consumers' choices.

Last week’s presidential memo ordered the DOL to review the regulation, and public records show a status update was slated for March 10. On Wednesday, however, a Texas court upheld the rule and rejected a lawsuit filed by business groups that challenged the regulation. That could make it difficult for the Trump administration to make substantive changes to the rule down the road.

Debate over the rule is sowing confusion over a regulation estimated to cost the financial services industry as much as $20 billion.