With Senator Elizabeth Warren (MA-D) at his side, President Obama went after Wall Street. He called for a “decent retirement.”
The president knows very well many of the retirement plans such as IRAs and 401(k)’s are in fee-based products such as mutual funds. These commission based accounts are for people who like to direct their brokers how to invest their money.
What the president wants to do is to change the language. Right now a broker can make a recommendation that must be “suitable” for retirement account assets.
Do you think the 2nd Amendment will be destroyed by the Biden Administration?(2)
The president wants to change the language and mandate it be in an investor’s “fiduciary best interest.”
It’s essentially about control of your money. The system quite frankly is functioning very well as it is. By adding more red tape performance will not be improved but the administration is hoping it may get your broker to drop your account just like the many credit lines that were closed after Dodd-Frank passed.
A lot of people on Wall Street and economists feel the only thing holding back our economy is the vastly increasing socialism and the government’s control over our finances.Before Obama became president, 76 percent of banks offered a checking account with no minimum balance and no monthly fee. Today only 38 percent do.
Also, it has become increasingly harder to get a mortgage today because of all the new regulations.
The president has been getting his way a lot by not telling the whole story behind new regulations or laws. Such as with the FCC take over of the internet. He sold it as something we needed because the mean Internet companies were slowing down our browser speeds. That was not the objective of the takeout. It is all about socialist control and having the government interfere more and more into our lives. Next in line is communism. Do we really want to go there?