2016 Postmortem
Related: About this forumElizabeth Warren Wants To Ruin A Bunch Of Rich Folks' Vacations
Elizabeth Warren Wants To Ruin A Bunch Of Rich Folks' VacationsJason Linkins
Huffington Post
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Elizabeth Warren Hits Wall Street To Defend Obama Retirement Rule
Zach Carter
The Huffington Post
Warren's description of the perks, outlined in a report issued by her office, serves as a fresh defense of a retirement security rule proposed by the Obama administration, which would prohibit such activity. Americans collectively lose about $17 billion dollars a year to conflicted retirement account advice, according to the administration.
To solve that problem, the Department of Labor would impose a "fiduciary duty" on fund managers, requiring them to make investment decisions in the best interests of their clients and making it illegal for investment professionals to push clients into under-performing investments in order to score vacations or other benefits. Wall Street has aggressively lobbied against the rule, which is opposed by Republicans and many conservative Democrats with close ties to the financial industry.
Warren said that such lavish travel arrangements are only described in "the broadest and most vague terms" in official investment disclosures -- terms that conceal their vacation-oriented nature.
While most rank-and-file Democrats have been quiet (or at times, even hostile) to the Obama administration's retirement security rule, Warren has emerged as its staunchest proponent in Washington -- a marked shift from the summer, when Warren and Obama publicly feuded over trade policy.
dreamnightwind
(4,775 posts)She's backing Obama's retirement security rule proposal. I don't know what else is in it, but if it's stuff like what is mentioned in the OP, sounds good. Ending incentives, often in the form of perks and vacations for investment advisors, to sell certain funds to clients, even though those funds may not be the best for those clients.
Now I'd like to see her get busy and ruin Bill and Hill's excellent adventure. They are no friends of the policies Warren champions.
annabanana
(52,791 posts)"requiring them to make investment decisions in the best interests of their clients and making it illegal for investment professionals to push clients into under-performing investments in order to score vacations or other benefits. "
amazing
jalan48
(13,865 posts)Uncle Joe
(58,362 posts)Thanks for the thread, portlander.
Unknown Beatle
(2,672 posts)"which is opposed by Republicans and many conservative Democrats with close ties to the financial industry."
In other words, we voted them in and now they've forgotten us and even telling us to fuck off. That is until the next election, when they will campaign telling us about dancing butterflies, singing fairies, and unicorn fart rainbows.
passiveporcupine
(8,175 posts)Sanders or Hillary? I just can't figure it out.
jfern
(5,204 posts)PoliticalMalcontent
(449 posts)I'm glad we have a watchdog like her in politics.