Via The Nation (email):
In February, President Trump ordered a review by the Department of Labor of an Obama-era regulation that would require retirement advisors to give their clients investment advice that’s in their best interest. The rule, called the fiduciary rule, was scheduled to go into effect this spring, but is now delayed pending a review by the DOL.
It may seem obvious that financial advisors should act in your best interest. But currently many are only required to suggest investments that are “roughly suitable” for their client—not necessarily what’s best for them. They are even able to suggest investments in products that they may have a personal stake in bolstering. Under the Obama administration, the White House Council of Economic Advisers estimated that this greedy financial practice lost Americans $17 billion a year.
The DOL is accepting comments on the fiduciary rule until April 17th—giving us less than a week to convince them to side with current and future retirees over Wall Street bankers.
Financial groups and institutions are fighting hard to make sure they can continue defrauding investors on their best interests—and the Trump administration and Republican party are behind them.* In January, Congressman Joe Wilson (R- SC) introduced a bill that would delay implementation of the rule for a full 2 years with the hopes of eventually revoking it altogether.
But the public is on our side. As of mid-March, the DOL had received over 178,000 letters in support of the rule, with only about 15,000 against.
All the best,
*It should surprise no one that Republicans are behind barring implementation of the fiduciary rule. But just ponder for a moment that in the two years after the apex of the financial crisis (2008), Democrats held the presidency and both houses of congress—and yet they somehow did not manage to implement this simple, basic, ethical, commonsense regulation of Wall $treet. If it’s not because they couldn’t, well…I’m sure you can do the math. –Iris.