Tell the Department of Labor to Side with Retirees Over Wall Street

Tell the Department of Labor to Side with Retirees Over Wall Street

Tell the Department of Labor to Side with Retirees Over Wall Street

The Trump administration is coming after an Obama-era regulation that requires financial advisers to act in their clients’ best interests.

Facebook
Twitter
Email
Flipboard
Pocket
What’s Going On?

In February, President Trump ordered a review by the Department of Labor of an Obama-era regulation that would require retirement advisers to give their clients investment advice that’s in their best interest. The rule, called the fiduciary rule, was scheduled to go into effect this spring, but is now delayed pending a review by the DOL.

It may seem obvious that financial advisers should act in your best interest. But currently many are only required to suggest investments that are “roughly suitable” for their client—not necessarily what’s best for them. They are even able to suggest investments in products that they may have a personal stake in bolstering. Under the Obama administration, the White House Council of Economic Advisers estimated that this greedy financial practice lost Americans $17 billion a year.

Financial groups and institutions are fighting hard to make sure they can continue defrauding investors on their best interests and the Trump administration and Republican party are behind them. In January, Congressman Joe Wilson (R-SC) introduced a bill that would delay implementation of the rule for a full two years with the hopes of eventually revoking it altogether.

But the public may not let them. The DOL is accepting comments on the fiduciary rule until April 17. As of mid-March, the DOL had received over 178,000 letters in support of the rule and about 15,000 against.

What Can I Do?

Join those tens of thousands of Americans and write a letter telling the Department of Labor not to eliminate the fiduciary rule.

Read More

Back in March, Christopher D. Cook warned against giving President Trump’s labor secretary nominee, Alexander Acosta, a pass for not being as obviously objectionable as Andrew Puzder, citing his deference to Trump’s decision to roll back the fiduciary rule as one of many reasons to keep close tabs on his actions.

We cannot back down

We now confront a second Trump presidency.

There’s not a moment to lose. We must harness our fears, our grief, and yes, our anger, to resist the dangerous policies Donald Trump will unleash on our country. We rededicate ourselves to our role as journalists and writers of principle and conscience.

Today, we also steel ourselves for the fight ahead. It will demand a fearless spirit, an informed mind, wise analysis, and humane resistance. We face the enactment of Project 2025, a far-right supreme court, political authoritarianism, increasing inequality and record homelessness, a looming climate crisis, and conflicts abroad. The Nation will expose and propose, nurture investigative reporting, and stand together as a community to keep hope and possibility alive. The Nation’s work will continue—as it has in good and not-so-good times—to develop alternative ideas and visions, to deepen our mission of truth-telling and deep reporting, and to further solidarity in a nation divided.

Armed with a remarkable 160 years of bold, independent journalism, our mandate today remains the same as when abolitionists first founded The Nation—to uphold the principles of democracy and freedom, serve as a beacon through the darkest days of resistance, and to envision and struggle for a brighter future.

The day is dark, the forces arrayed are tenacious, but as the late Nation editorial board member Toni Morrison wrote “No! This is precisely the time when artists go to work. There is no time for despair, no place for self-pity, no need for silence, no room for fear. We speak, we write, we do language. That is how civilizations heal.”

I urge you to stand with The Nation and donate today.

Onwards,

Katrina vanden Heuvel
Editorial Director and Publisher, The Nation

Ad Policy
x