The Labor Department has taken a first step toward possible derailment or dilution of its controversial Fiduciary Rule, by proposing to delay the start for 60 days. The rule is slated to take effect 4/10/17, but Trump asked the department to review the rule one more time for its impact on investors. Industry analysts and consumer groups agreed it could be the first of multiple delays.

"A 60-day delay is relatively short to undertake the type of economic and legal analysis that they're contemplating, which suggests to me that this isn't just going to be a 60-day delay. It's likely going to be a string of delays," said Micah Hauptman, with the Consumer Federation of America.

The proposed delay should have a "calming" effect on the marketplace, which had been "hanging in limbo" ahead of the April 10 effective date, said Denise Valentine, a senior analyst with Aite Group, which advises the financial services industry on regulatory issues.

"All along we've kind of known that the rule is very likely to be amended. I don’t think it will be killed," Valentine said.

The public will have 15 days from the publication of the proposed delay in the Federal Register on Thursday to comment on the delay itself before the Labor Department can formalize it. There will also be a 45-day window to submit comments or information related to other aspects of Trump's memorandum.

The move drew fire from Democrats and other critics, who said it showed the Republican White House was aligned with Wall Street, not middle-income Americans.