Wall Street is pushing back on a plan that tells Retirement Management companies to put security of their clients above that of the company; in other words make money for Ma & Pa to profit and less for the company – PB/TK
Wall Street, Populists, Fight Over Rules for Americans’ Pension Plans – 10 Apr 2017
Wall Street pension management companies are protesting a decision by agency officials to preserve a 2016 regulation which supporters say will protect retirees’ savings from self-serving sales managers.
On February 3, President Donald Trump directed officials at the Department of Labor to review the regulation “to determine whether it may adversely affect the ability of Americans to gain access to retirement information and financial advice.”
But officials postponed the review until late in the year and set June 9 as the start date for implementation of the regulation, which is dubbed the “diduciary duty” rule because it requires individuals who sell retirement plans to put their customers’ security above their employers’ interest in profits. In other words, salesmen and saleswomen have a “fiduciary duty” to their customers, just as a company’s CEO has a fiduciary duty to the shareholders.
The pushback by agency officials to protect the regulation shows “the ‘Swamp’ is working behind the scenes to scuttle President [Donald] Trump’s agenda,” said Patrick Hynes, president of a D.C. advocacy group, Hynes Communications, which opposes the new regulation. Hynes declined to name the business groups who fund his advocacy.
Continue to breitbart.com article: http://www.breitbart.com/big-government/2017/04/10/wall-street-populists-fight-rules-americans-pension-plans/
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