Friday, April 29, 2016

Why the Presidency needs to be kept in Democratic hands: The House Just Voted To Give Wall Street Billions From Americans’ Retirement Savings

Enforcement of the Fiduciary Rule

This article attached here or below is not long but it behooves you to read the link. I also provided a summary of it below to know why the Presidency MUST be kept in Democratic hands. This bill has been lobbied by the Wall Street immorals and will overturn the Obama administration's proposed "fiduciary rule." Luckily, for those who rely and will rely on their 401Ks and retirement accounts the House vote will ultimately get a presidential veto by the DEMOCRATIC President Obama. In short, if it passed it means Wall Street can continue to sell you any investment it wants no matter the risk without telling you of the risk and without telling you the fees associated with it, legally. The Obama proposed "fiduciary rule" would ensure they must tell you about the risk and their fees but Republicons want to undo it.

A Republicon presidential signature would allow investment banks to continue to NOT tell you the risk and the fees associated with an investment so retirees and those who will become retirees could and do lose billions. It would ensure Wall Street can continue to make huge profits legally at your expense through your investments no matter the risk of which you probably now may not know or even know the fees it attaches (sometimes through the back door) because they do not have to tell you. What Wall Street wants to continue to do and does do is wrong, it is immoral and it is what Republicans -- the hypocrite usurious good religious Fundamentalists they SAY they are -- will ensure. Read the short summary I have cut and pasted and then go to the link below it and read the rest of the short article. Also read about the "fiduciary rule" by clicking on the link within the article. READ and HEED!!!!!
The House voted 234 to 188 Thursday to undo a rule proposed by the Labor Department earlier this month that would require anyone getting paid to provide retirement investment advice to act in the best interest of retirees. Many people think that’s already how things work, but it isn’t.

The way things work right now is that brokers who oversee retirement savings accounts can be paid extra to steer their clients into unnecessarily expensive funds or excessively risky investments, without disclosing that fact to their clients. That sort of conflicted investment advice costs Americans saving for retirement $17 billion a year, according to the White House Council of Economic Advisers.
To remedy the situation, the Obama administration proposed a fiduciary rule to keep Wall Street from taking so much money in fees from retirement accounts. The financial industry has opposed the rule from the start.


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