Disir
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- Sep 30, 2011
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President Obama is facing rising discontent from Democrats over how he plans to implement regulations designed to protect consumers from greedy financial advisers out to pocket commissions from Wall Street.
A growing number of Democrats — including more than a third in the House — say his current proposal would end up raising consumer costs and even limit low-income Americans' access to financial advice.
"Impractical," was how one senior aide to a House Democrat with concerns about the proposal said.
At a meeting last week, Democrats who want significant changes to the rule made their case to Labor Secretary Thomas Perez, the official charged with implementing the rule. The aide was optimistic that Perez understood Democrats' concerns and said that Perez was "convincing and sincere in saying the rule is not final."
Democrats are now demanding significant alterations to the plan, which the business community and Republicans already oppose. The opposition is a real problem for the White House. Opponents of the rule believe that if enough Democrats object, it would be far more difficult for White House to make it final.
Dems demand changes to financial adviser regs
Democrats and K Street. Again. In bed together.
A growing number of Democrats — including more than a third in the House — say his current proposal would end up raising consumer costs and even limit low-income Americans' access to financial advice.
"Impractical," was how one senior aide to a House Democrat with concerns about the proposal said.
At a meeting last week, Democrats who want significant changes to the rule made their case to Labor Secretary Thomas Perez, the official charged with implementing the rule. The aide was optimistic that Perez understood Democrats' concerns and said that Perez was "convincing and sincere in saying the rule is not final."
Democrats are now demanding significant alterations to the plan, which the business community and Republicans already oppose. The opposition is a real problem for the White House. Opponents of the rule believe that if enough Democrats object, it would be far more difficult for White House to make it final.
Dems demand changes to financial adviser regs
Democrats and K Street. Again. In bed together.
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