From the guy who ran on doing right by the working class.
Donald Trump rolled out his latest executive action (February 3), and it’s a huge handout to the financial industry at the expense of consumers. Trump ordered the Department of Labor to explore overturning — or at least weakening — a dull-sounding Obama administration regulation known as the “fiduciary rule.” And while the details of that will be up to Trump’s labor secretary, his order does at least push back the start date for the rule, which was supposed to go into effect in April. “The rule is a solution in search of a problem,” White House Press Secretary Sean Spicer said Friday.
The fiduciary rule is the sort of technical-sounding tweak that doesn’t whip up a ton of attention during political campaigns, but it could have a major impact on the amount of money middle-class Americans are able to save for their retirements. The essence of the rule isn’t all that complicated. It simply requires the retirement fund managers overseeing your 401(k) or IRA to actually act in your best interest—rather than sacrificing your interests for their own personal gain.
Comment below fold.
From Mac Hall: FYI : One of the few bills (actually it was number 10) that Obama vetoed was H.J. Resolution 88 … and they failed to override it. So this is not a surprise that SupremeLeaderDonaldTrump would instruct DOL differently. Yet, like a lot of things with this Trump administration, they are causing more confusion from poorly written Executive Orders as noted White House memo confuses Wall Street on fate of fiduciary rule story.
Also, the House has H.R.355 – Protecting American Families’ Retirement Advice Act delaying the rule for two years.
Do these guys have any clue what they are doing ?