Trump is quick at work rolling back protections put in place to guard the American public from the evil schemes developed by greedy Wall Street bankers. Which is ironic because Trump won the election (with help from Russia) + by convincing the American public that he was going to take on greedy Wall Street bankers and put an end to the “rigged system”. But so far, the Trump administration has done nothing but pander to big banks and protect them in the hording of large amounts of wealth!
With the new Trump executive order targeting the fiduciary rule, many people have no idea what impact this rule has or will have on their lives. Here are some quick facts that you should know about…
The rule was set in place in 1974 as part of the Employee Retirement Income Security Act. The regulation was fully developed years later and amended to provide further safeguards to the American public and protect their retirement funds from greedy financial advisors who would place their own financial gain above that of their client. The rule requires more transparency and mandates that anyone working with retirement accounts act as a fiduciary if they provide investment advice. If, however, the adviser is providing investment advice, they have to be sure to avoid conflicts of interests and disclose to their clients if they have potential to gain advice.
In other words, the law was put in place to make sure that Wall Street investors don’t use your retirement money to gamble with! Simple as that! And if for some reason they did, the law required that you be made aware of their conflicts of interested. As one person put it, “by ending this rule it’s basically the same as allowing doctors to write prescriptions for drug companies they own”.
Now ask yourself…what reason would the Trump administration have to end this rule??? Who are they protecting or looking out for by supporting its repeal? I can tell you this….they ain’t looking out for the working man and woman!