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elleng

(130,156 posts)
Fri Mar 16, 2018, 11:48 AM Mar 2018

Court Overturns Obama-Era Rule on Retirement Planners.

'A federal appeals court ruled on Thursday that the Department of Labor overstepped its authority when it wrote a rule that required financial professionals, including brokers and insurance agents, to put their customers’ financial interests ahead of their own. . .

“That times have changed, the financial market has become more complex, and I.R.A. accounts have assumed enormous importance are arguments for Congress to make adjustments in the law, or for other appropriate federal or state regulators to act within their authority,” the majority wrote in their opinion. “A perceived ‘need’ does not empower D.O.L. to craft de facto statutory amendments or to act beyond its expressly defined authority.”

The strongly worded decision is not necessarily the end of the fiduciary rule, lawyers said, but its future is highly uncertain.

“Even though the Trump administration is not a strong supporter of the fiduciary rule, it will likely continue to defend the fiduciary rule against legal challenges,” said Marcia S. Wagner, an employee benefits lawyer.'>>>

https://www.nytimes.com/2018/03/16/business/fiduciary-rule-retirement-planning.html?

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Court Overturns Obama-Era Rule on Retirement Planners. (Original Post) elleng Mar 2018 OP
Why is the Department of Labor involved here? Sanity Claws Mar 2018 #1
'Labor Department, which oversees retirement accounts.' elleng Mar 2018 #2
Employee Benefits Security Administration mahatmakanejeeves Mar 2018 #3
Thanks! elleng Mar 2018 #4
This opinion was written by Edith Jones is an asshole Gothmog Mar 2018 #5
2-to-1 decision elleng Mar 2018 #6
My law partner just gave me the opinion Gothmog Mar 2018 #7
Thanks. elleng Mar 2018 #8

Sanity Claws

(21,822 posts)
1. Why is the Department of Labor involved here?
Fri Mar 16, 2018, 11:52 AM
Mar 2018

We need protection from financial professionals who may not be acting in the clients' best interests but why is this a rule from DOL? The obligations of financial professionals fall under other agencies.

elleng

(130,156 posts)
2. 'Labor Department, which oversees retirement accounts.'
Fri Mar 16, 2018, 12:16 PM
Mar 2018

Gotta do some research to get a complete answer, but the above is in the article.

elleng

(130,156 posts)
8. Thanks.
Fri Mar 16, 2018, 03:49 PM
Mar 2018

'“A perceived ‘need’ does not empower D.O.L. to craft de facto statutory amendments or to act beyond its expressly defined authority.”'

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