President Trump Just Cost Americans Saving For Their Retirement $3.7 Billion

[brummelben]

Donald Trump talked a big game on the campaign trail about standing up to big corporations and putting the interests of hardworking Americans first.

But as president, Trump has repeatedly broken his promises – and now, he’s dealing a blow to Americans saving for retirement.

In February, he set in motion a process to kill a common-sense rule that would keep financial advisers from siphoning off money from the clients who trust them. Right now, predatory financial advice cheats investors out of about $17 billion every single year. Under the new rule, that money would stay with the customers.

This new consumer protection, also known as the “fiduciary rule,” was slated to take effect today, but President Trump has delayed it for 60 days – and may kill the rule altogether. The rule would require financial advisers to act in their customers’ best interest ― not in their own interest or in the interest of their investment firm.

 

[depotoo]

First, it was supposedly $2.4 billion, according to dol.
Next, here is a link describing the ins and outs of it, and how it could be overreach by the dol.
DOL Fiduciary Rule: Everything You Need to Know

 

[IsaacNewton]

Donald Trump talked a big game on the campaign trail about standing up to big corporations and putting the interests of hardworking Americans first.

But as president, Trump has repeatedly broken his promises – and now, he’s dealing a blow to Americans saving for retirement.

In February, he set in motion a process to kill a common-sense rule that would keep financial advisers from siphoning off money from the clients who trust them. Right now, predatory financial advice cheats investors out of about $17 billion every single year. Under the new rule, that money would stay with the customers.

This new consumer protection, also known as the “fiduciary rule,” was slated to take effect today, but President Trump has delayed it for 60 days – and may kill the rule altogether. The rule would require financial advisers to act in their customers’ best interest ― not in their own interest or in the interest of their investment firm.

In essence the rule would tell financial advisors they can't act as Wiley Coyote trying to steal the RoadRunner's money when the RoadRunner comes in to him for financial advice.

Trump would rather leave it to Wiley Coyote to be able to tell his customers it's ok to invest in a particular investment even though Wiley knows his customer will lose money. All so Wiley can still collect the handler's fees.

"So Mr Coyote I have these ten egg laying chickens and I'd like to house them in a Chicken Schtick Chicken Housers roost. (Wiley checks with his advisors and they tell him wolves raid that chicken coop once a night and 50% of the chickens are killed every night).
"Why yes" says Wiley, "that is a great choice, you really have an eye for where to keep your eggs". (Wiley collects his fees and the customer loses half their investment)

This is the 'fleecing the sheep' rule. America is only truly great when humans can defraud their fellow man. You know like a fake 'university' where you pay $35,000 for a fake education.

drumpf fleeced his customers and he's all in for financial advisors fleecing their customers of BILLIONS OF DOLLARS A YEAR.

 

[brummelben]

First, it was supposedly $2.4 billion, according to dol.
Next, here is a link describing the ins and outs of it, and how it could be overreach by the dol.
DOL Fiduciary Rule: Everything You Need to Know

A 2015 report by the White House Council of Economic Advisers found that biased advice drained $17 billion a year from retirement accounts.

 

[Fenton Lum]

Well who the hell did anyone think this authoritarian power structure was all about? Same as it always was. Goldman Sachs and CEO's all up in this administration, that never changes regardless of how you vote. Partisanshit is a ruse, and so of course is Don.

 

[brummelben]

Well who the hell did anyone think this authoritarian power structure was all about? Same as it always was. Goldman Sachs and CEO's all up in this administration, that never changes regardless of how you vote. Partisanshit is a ruse, and so of course is Don.

We were told NOT to vote for Hillary because she was just a tool of wall street. Who woulda thought that this POS temporarily in the WH is far worse

 

[koshergrl]

We don't need more rules. We need to eliminate rules.

He's doing exactly what he said he would, and the people who voted for him, specifically so he could do that, are mighty pleased with him.

Leftist losers aren't, though. Because it signals the end of their cushy lives financed by others. And the way you figure "cost" is laughable. Nobody pays any attention anymore to the fake numbers you nuts spout.

 

[brummelben]

We don't need more rules. We need to eliminate rules.

He's doing exactly what he said he would, and the people who voted for him, specifically so he could do that, are mighty pleased with him.

Leftist losers aren't, though. Because it signals the end of their cushy lives financed by others. And the way you figure "cost" is laughable. Nobody pays any attention anymore to the fake numbers you nuts spout.

Tell that to the millions of people who will be cheated by Wall Street. Its a shame a pice of shit like you doesn't have enough money to worry about investing