40 House Democrats Urge Trump To Let DOL Rule Pass

March 17, 2017 • Ted Knutson

The Trump administration is being asked by 40 House Democrats not to delay the fiduciary rule.

Calling the rule a responsible solution to the way retirement savers lose billions to unscrupulous financial advisors and arguing it must be implemented without delay, the call to action is being led by ranking Financial Services Committee Democrat Maxine Waters and her counterpart on the House Committee on Education and the Workforce.

In a letter to Acting Labor Secretary Edward Hugler, the 40 legislators claimed the rule is supported by a large majority of Trump voters and most Americans.

“Tellingly, nine in 10 Americans reportedly agree with the DOL’s rule. Those who voted for President Trump also appear to overwhelmingly support (65 percent) keeping the regulations in place,” the letter said.

Arguing against industry contentions it would place undue burdens on investment professions, the 40 Democrats said the conflict of interest standard is workable for advisors.

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4 Comments

Comments

FrankP 7 years ago

For small account retirement savers, when you can't find a financial professional who will work with you, just call on Rep. Maxine Waters. She will just whip you up some financial advice.
ukwild1 7 years ago

This magazine is definitely written by Democrats because your articles slant toward keeping fiduciary law every time. The law is bad for the small investor and the commission oriented annuity broker. The suitability standard is good enough for our industry and we don't need to know that 40 democrats would vote for it they created this bad law.
MoneyManager 7 years ago

Almost sounds like the editor of this mag is a lib and against advisors. Aren't those 40 Democrats the ones who voted for the law in the first place? So who the heck cares what they still think? They are not helping anyone with this one sided rule which hurts middle class America big time. So why not do a story on how we are trying to fight this injustice?
Wizzkid 7 years ago

Don't you just love the implication that if we advisors make any recommendation - which results in us to be compensated for our experience, responsibility, guidance and long-term commitment to the client - it must be "unscrupulous"! If we all worked for free, these same Einstein's wouldn't be concerned whether or not the advice was good or bad - because we wouldn't be getting paid - so since it wouldn't be "conflicted" advice - it must be good - right?? Oh wait; you think it might dawn on them free advice doesn't mean good advice??? Just imagine what would happen to the real estate industry...

40 House Democrats Urge Trump To Let DOL Rule Pass

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