The Department of Labor’s new fiduciary rules could be targeted by Donald Trump’s administration, potentially shaking the ETF industry’s outlook.

The financial industry has already filed several lawsuits against the DOL fiduciary rule as some argued that the new rule would significantly increase liability risk and regulatory costs for advisors and make investment advice more costly to give and receive, reports Mark Schoeff Jr. for InvestmentNews.

SEE MORE: Will DOL Rule Shakeup ETFs? ETF Trends, BNY Mellon Release Report

Before the elections, one of Trump’s advisors, Anthony Scaramucci, managing partner of Skybridge Capital, said that a Trump administration “is going to repeal,” contending that the DOL’s measures is an example of government overreach that could divert too much capital to low-cost passive ETFs and index funds.

“At the end of the day, Wall Street is a circulatory system of capital,” Scaramucci previously stated. “If you’re constraining it through this excess regulation, you’re just going to get less growth.”

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The DOL rule, which requires financial advisors to act int eh best interest of clients for 401(k), individual retirement accounts and other qualified accounts, was designed to remove conflicted advice that would diminish retirement savings.

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