House Republicans Have A Temper Tantrum Over Rule That Bans Financial Advisers From Scamming Retiree

[applegrove]

House Republicans Have A Temper Tantrum Over Rule That Bans Financial Advisers From Scamming Retirees

by Bryce Covert at Think Progress

http://thinkprogress.org/economy/2016/04/29/3773960/republicans-fiduciary-rule/

"SNIP...............


The Department of Labor (DOL) has finalized rules that require financial advisers who help people make investments for retirement to put their clients’ interests ahead of their own. But House Republicans aren’t letting the rule go into effect without a fight.

On Thursday, the House voted on a resolution that would effectively block the new rules, which require advisers to adhere to a “fiduciary standard,” that passed along strict party lines, with 234 Republicans voting yes and 183 Democrats voting no. Republicans claim that the rule will make investment advice more expensive, with Rep. Phil Roe (R-TN), a sponsor of the legislation, saying it would “protect access to affordable retirement advice.” They’ve also characterized the rules as government overreach, with House Speaker Paul Ryan (R-WI) calling them “Obamacare for financial planning.”

Their position mirrors that of the financial industry, which has fought the rules with claims about the impact they could have on their businesses that Sen. Elizabeth Warren (D-MA) has questioned as being disingenuous. Ahead of the House vote on the resolution, eight big financial industry trade groups sent a letter to lawmakers urging them to vote in favor of the resolution.

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Before the new standard, advisers were only required to give “suitable” advice, which left the door open for them to steer clients into products that made the advisers more money but weren’t the best option. That practice was costing Americans an estimated $17 billion a year in conflicted advice, according to the White House. Some people say their finances, particularly their chances of retiring comfortably, have been destroyed by bad advice and that they would have simply been better off without it.



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[applegrove]

1. The GOP just cannot get enough of creepy people becoming financial winners at any cost. They hate

the middle class and middle class values of fair play.

[guytonfox]

2. About Trump

[Angry Dragon]

3. The same people that believe it is okay for congress to ignore insider trading rules

[Chasstev365]

4. The Party of "Family Values" at Work Again!

Rot in hell, you amoral losers! Why the hell anyone votes for them is beyond me.

[Renew Deal]

5. But someone on DU told me there was no difference between the parties

Moran