White House, Elizabeth Warren team up to protect retirement savings from Wall Street: fiduciary rule vs suitability rule

  • metta

    Posts: 39095

    Feb 23, 2015 8:38 PM GMT
    White House, Elizabeth Warren team up to protect retirement savings from Wall Street

    "announcing a new Department of Labor rule to make financial advisors to receive fees for their investment advice to individuals abide by the "fiduciary rule." That means that financial advisors would be required to act in their clients' best interests. Right now, they're covered under a much more lenient "suitability standard," that just says they have to give recommendations that they reasonably believe are suitable for that customer."


    "Not surprisingly, Wall Street, the U.S. Chamber of Commerce and lawmakers from both parties are gearing up to fight the rule. David Dayen points to a a letter the Securities Industry and Financial Markets Association, a large trade group, got 183 members of Congress to sign, "including 118 Democrats, attacking the Labor Department rule." You can expect a Republican Congress, with the help of some Democrats, to act swiftly to try to find a way to block or blunt these rules."

    http://www.dailykos.com/story/2015/02/23/1366251/-White-House-Elizabeth-Warren-team-up-to-protect-retirement-savings-from-Wall-Street
  • metta

    Posts: 39095

    Feb 23, 2015 8:42 PM GMT
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    Feb 23, 2015 8:53 PM GMT
    I don't trust the WH or EW as far as you can throw them when it comes to IRAs, etc.

    http://www.wnd.com/2012/11/now-obama-wants-your-401k/
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    Feb 23, 2015 9:10 PM GMT
    StudlyScrewRite said I don't trust the WH or EW as far as you can throw them when it comes to IRAs, etc.

    http://www.wnd.com/2012/11/now-obama-wants-your-401k/


    You're getting your information from WorldNetDaily?

    And the author of your information is Jerome Corsi, the debunked conspiracy theorist.

    You don't have to trust any politician but when you start relying on WorldNetDaily and Jerome Corsi, it's time you broaden your spectrum of news gathering.
  • roadbikeRob

    Posts: 14335

    Feb 23, 2015 11:44 PM GMT
    Well if there has to be a female elected president in 2016, I would much rather support Elizabeth warren than the hapless Hillary ho. Elizabeth stands up to the Wall Street crooks and con artists while Hillary is a shill and sycophant for Wall Street.
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    Feb 24, 2015 12:48 AM GMT
    I think Elizabeth Warren already owns "the bully pulpit" when it comes to support for the middle class.

    If Hillary wins it will be because of Elizabeth Warren and thus Senator Warren will have a huge influence and rein in Hillary's gifts to Wall Street.

    If Jeb wins it will be in spite of Elizabeth Warren and he will reward Wall Street with every excess they demand.
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    Feb 24, 2015 5:22 PM GMT
    SamRising said

    You're getting your information from WorldNetDaily?
    .



    No Sam, that's not my only source of news. That was my quick-pick from Google and had I had time to find other sources to quote, I would have posted them. I read many publications and online news sources daily, including those rags Daily Klos and Mutha Jones. Even a blind squirrel finds a nut occasionally. icon_lol.gif

    I'm sure that BO & EW's reasons behind this push is as pure as the driven slush on a NY city street. icon_rolleyes.gif