White House, Elizabeth Warren team up to protect retirement savings

Jackie22

Jackie22

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[h=1]White House, Elizabeth Warren team up to protect retirement savings from Wall Street[/h]Joined by Sen. Elizabeth Warren (D-Mass.), President Obama will move ahead on Monday with plans to impose new regulations for financial advisers; the rules 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, 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.
White House 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 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 the regulations will mean advisers have less incentive to take on low- and middle-income Americans' retirement accounts, which are less lucrative than those of wealthier Americans.

http://thehill.com/policy/finance/233446-warren-now-all-in-on-fiduciary-fight
http://www.dailykos.com/story/2015/...o-protect-retirement-savings-from-Wall-Street
 

Sounds good to me Jackie! http://www.politicususa.com/2015/02...-obama-fiduciary-rules-protect-consumers.html


"The White House explained their reasoning for the new regulations in a Fact Sheet, “Today, President Obama is taking a step to crack down on those Wall Street brokers who benefit from backdoor payments or hidden fees and don’t put the best interest of working and middle class families first.

Many advisers do not accept backdoor payments or hidden fees and work on a different business model that puts their customers’ best interest first. They are hardworking men and women who got into this work to help families achieve their dreams and want a system that provides a level playing field for offering quality advice. But outdated regulations, loopholes, and fine print make it hard for working and middle class families to know who they can trust.”

Allowing the financial sector to run wild was one of the main causes of the Great Recession.

It is important to point out that these protections are designed to target the financial advisers who are putting their personal profit on what is best for their clients.

In the wake of the worst financial crisis since the Great Depression, these are the kind of steps that the government should be taking to protect consumers who are still trying to recover their retirement savings."
 
Yea, Warren, Obama, AARP team up to protect Americans from financial advisers who are primarily interested in earning commissions from banks rather than the best interest of clients.
 


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