ORIGINALLY POSTED ON FEBRUARY 4th
After a White House meeting with business executives, Mr. Trump signed a directive to halt an Obama-era Labor Department rule that requires brokers to act in a client’s best interest, rather than seek the highest profits for themselves, when providing retirement advice.”
AMAZING, WONDERFUL UPDATE FROM ELIZABETH WARREN WHO REALLY DESERVED A WIN THIS WEEK – Feb. 8 – A Texas court struck down the US Chamber of Commerce’s attempt to overturn a new Labor Department rule requiring retirement advisers to put their customers’ interests first. The decision affirms what we already knew: this conflict of interest rule was lawfully enacted and the rulemaking process took the views, costs, and benefits of all the stakeholders into account. Now President Trump needs to follow suit. He should stand up to the Chamber of Commerce — and the armies of lawyers and lobbyists that brought this frivolous lawsuit — and allow the rule to be implemented in April as planned.
Hardworking Americans saving for their retirement deserve to have a retirement adviser who is recommending the investments that are the best for their retirement security, not the ones that let advisers pocket kickbacks and prizes.
Another blow from the federal courts to the overreaching Trump Administration. Can’t wait for the furious tweets to come.