Warren now all in on fiduciary fight

[n2doc]

Joined by Sen. Elizabeth Warren (D-Mass.), President Obama will move ahead on Monday with plans to impose new regulations for financial advisers that are vehemently opposed by the business community.

Obama will announce his intentions during a speech at AARP's Washington offices on Monday afternoon, as The Hill first reported, on Monday, where he will be joined by Warren and other senior White House officials. AARP has joined progressives and other groups, including the AFL-CIO in backing Obama's efforts for the new regulations.
Obama officials say the new regulations -- dubbed "fiduciary rules" -- are needed to protect consumers from financial advisers who have conflicts of interests. They say too many financial advisers earn commissions from big banks after selling faulty retirement advice to unsuspecting Americans.

The U.S. Chamber of Commerce and other business groups -- backed by moderate Democrats and Republicans -- argue that Obama's new regulations decrease low- and middle-income Americans' access to retirement advice. They say that the regulations will mean advisers have less incentive to take on low- and middle-income Americans' retirement accounts, which are less lucrative than more wealthy Americans.

more

http://thehill.com/policy/finance/233446-warren-now-all-in-on-fiduciary-fight

[dixiegrrrrl]

1. So, without regulations, they are willing to take on low and middle income accounts?

Kind shows their intentions, doesn't it?

[Phlem]

2. "less incentive to take on low- and middle-income Americans' retirement

accounts".

Whatever. Someone will fill the void, that's the great thing about capitalism. The spin is strong in criminals.

[n2doc]

4. Financial advisors are leeches

The only advice one needs is to put one's savings into a low fee index fund and leave it alone. When they retire, they may need advice on how to best take the distributions, but there are already plenty of sources for that information.

[Phlem]

6. We've got ours in a spider fund.

Does well even in bad times.

-- backed by moderate Democrats and Republicans -- argue that Obama's new regulations decrease low- and middle-income Americans' access to retirement advice.

check it, how moderate Democrats are lumped in with Republicans. Feels like that in DU every fricken day now.

But the argument above is bullshit. If those Financial advisers don't like the rules Obama is proposing, I don't want them touching money in the first place. This "the new rules will decrease access to financial advisers for lower and middle income...." then F' em. I more than happy to take it to someone who follows the new rules, except if the new rules are flawed. There's always that.

[think]

3. k&R /nt

[RiverLover]

5. "backed by moderate Democrats and Republicans"

= "backed by Republicans(D) and Republicans(R)"

[Phlem]

7. +10000000000000000000000000000000000000000000000000

you know it. Someone printed it and it's fricken sweet.

But, but, but, but, but, but, Hillary's progressive!

[Scuba]

8. substitue "corrupted" for "moderate" and it will be just right.