U.S. court upholds Obama-era retirement advice rule

[HAB911]

Source: Reuters

A U.S. federal judge on Wednesday upheld an Obama-era rule designed to avoid conflicts of interests when brokers give retirement advice, in a possible setback for President Donald Trump's efforts to scale back government regulation.

The stinging 81-page ruling comes just days after Trump ordered the Labor Department to review the "fiduciary" rule - a move widely interpreted as an effort to delay or kill the regulation.

The decision by Chief Judge Barbara Lynn for the U.S. District Court for the Northern District of Texas is a stunning defeat for the business and financial services industry groups that had sought to overturn it.

And while it is not expected to stop the Labor Department from delaying the rule's April 10 compliance deadline while it conducts the review, some legal experts say it could make it more difficult for the Labor Department to find a way to justify scrapping or significantly altering the rule.

Read more: http://www.reuters.com/article/us-usa-labor-fiduciary-idUSKBN15N2HF

[elleng]

1. Very good news.

[Squinch]

2. Jesus. The law essentially said "don't put your clients into investments that are

bad for them but line your own pockets."

How can that be controversial? They are so overt in their dishonesty and their absolute support of the dishonesty of others. It's sick.

[cstanleytech]

4. Easy.

In the Repugnant mindset anything that actually requires you to do something ethical is wrong and needs to be abolished because its not the legislatures job to tell people not to cheat their clients.

[yallerdawg]

3. The Third Branch of our government!

Right and moral and just. One standard. Right or wrong. No "alternatives."

The bending force in the Arc!

[Sherman A1]

5. Super

Glad to hear this.

[wishstar]

6. Good- the delay provides more publicity to R's attemps to allow crooks free reign

Hopefully the publicity will help consumers be more aware of the problem and ask more questions of brokers trying to sell financial products

[Nitram]

7. The judicial system is the only thing between this nation and the apocalypse.

[mahatmakanejeeves]

9. Let's not be so quick to write off its citizens.

Hitler declared Great Britain "a nation of shopkeepers." Those shopkeepers rose to the occasion.

[Nitram]

10. Yes, you're right. that occurred to me right after I posted the above. Thanks for pointing it out.

I should have said "the only element of the government."

[mahatmakanejeeves]

14. De nada. Gotta go; I'm in a bidding war at WhitehouseBay for some jewelry. NT

[mobeau69]

8. We're on the board.

The arguments against this rule were laughable. How much of the pie do these greedy bastards need?

[Nitram]

11. It doesn't matter what we "need." It's what we want! We will eat all yourpie and then start on

your cookies, cake, and ice cream.

[secondwind]

12. Excellent news!

[BREMPRO]

13. That they want to overturn this common sense obviously beneficial regulation

Shows just how out of touch T-rump and the R's are with the people, and overtly influenced by the financial services lobby. What happened to "drain the swamp"??Upside-down government. It's " WE THE PEOPLE!" Not "we the banks..."

[not fooled]

15. Poor widdle Donnie

can't unleash the financial predators as much as he wants.