President approves of tighter regs on Retirement fund managers

[Dot Com]

About time. Thank you Mr. President

Obama Backs Tougher Rules for Brokers on Retirement Funds - Bloomberg Politics
(snip)

(Bloomberg) -- President Barack Obama threw the weight of the White House behind an effort that would make it harder for brokers to push higher-fee mutual funds or other expensive products on people saving for retirement.

The plan to be issued by the Labor Department would require brokers to act in a customer’s best interest, a change that could limit the earnings of financial advisers in the handling of Americans’ $11 trillion of retirement savings.

The president said the current regulations are out of date, devised in the era when most Americans could count on a traditional pension from employers. Through self-directed retirement accounts, some brokers are skimming significant sums annually from small investors, he said.

What a novel idea. We all know who'll be against it though don't we?

 

[Toddsterpatriot]

How about tighter regs against Presidents?

The plan could require Presidents to act in the nation's best interest.
Obama could probably get out in 30 years.....with good behavior.

 

[EdwardBaiamonte]

About time. Thank you Mr. President

Obama Backs Tougher Rules for Brokers on Retirement Funds - Bloomberg Politics
(snip)

(Bloomberg) -- President Barack Obama threw the weight of the White House behind an effort that would make it harder for brokers to push higher-fee mutual funds or other expensive products on people saving for retirement.

The plan to be issued by the Labor Department would require brokers to act in a customer’s best interest, a change that could limit the earnings of financial advisers in the handling of Americans’ $11 trillion of retirement savings.

The president said the current regulations are out of date, devised in the era when most Americans could count on a traditional pension from employers. Through self-directed retirement accounts, some brokers are skimming significant sums annually from small investors, he said.

What a novel idea. We all know who'll be against it though don't we?

I for one would be for a comprehensive accounting overhaul so that all accounting/financial information was mandatory, simple, and useful. We forget that if accounting had been simple and useful the financial crisis probably would have been avoided. Sadly it seems the govt must be heavily involved.

As it is the public assumes banks, for example, are safe and will be bailed out and so they don't monitor their banks at all to insure that they are being careful. this is a huge example of liberals preventing capitalism, and the country paying a huge price.

 

[Dot Com]

Anyone want to weigh-in, w/a reasoned response, to this more than reasonable reg?

Sent from my BN NookHD+ using Tapatalk

 

[Staidhup]

So what business is it his on how private individuals conduct their private financial affairs? The next thing the pompous one will mandate is that all retirement accounts be restricted invest in US Bonds or government guaranteed debt securities. So hows that low rate of return working for you now?

 

[SwimExpert]

About time. Thank you Mr. President

Obama Backs Tougher Rules for Brokers on Retirement Funds - Bloomberg Politics
(snip)

(Bloomberg) -- President Barack Obama threw the weight of the White House behind an effort that would make it harder for brokers to push higher-fee mutual funds or other expensive products on people saving for retirement.

The plan to be issued by the Labor Department would require brokers to act in a customer’s best interest, a change that could limit the earnings of financial advisers in the handling of Americans’ $11 trillion of retirement savings.

The president said the current regulations are out of date, devised in the era when most Americans could count on a traditional pension from employers. Through self-directed retirement accounts, some brokers are skimming significant sums annually from small investors, he said.

What a novel idea. We all know who'll be against it though don't we?

And who is to say that one action or another was not in the investor's best interests? Oh, I have an idea! We could assign that job to the investors! If the investor doesn't think something is in their best interest, they can take their money and do something else with it!

 

[EdwardBaiamonte]

Anyone want to weigh-in, w/a reasoned response, to this more than reasonable reg?

Sent from my BN NookHD+ using Tapatalk

yes very reasonable indeed, the American people are stupid children and need libNazi nanny elites in Washington watching over every transaction in their lives to insure that they comply with their soviet feelings on things.

Let's never forget a nation is only as strong as the sum of its lib Nazi elites in Washington, not the sum of its people!

Let's never forget that our Founders came here to be governed by libNazi central govt elites

Let's never forget that this very reasonable reg. is as reasonable as the millions more to come from our libcommie president who was mentored by 3 communist parents, Frank Marshall Davis, and Rev. Wright, and who grew up vote to the left of Bernie Sanders, our only open communist senator.