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House bill supports Wall Street

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  • Liberal Democrat
    Democrat
    Colorado Springs, CO
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    Huffington Post, April 28, 2016: The House Just Voted To Give Wall Street Billions From Americans’ Retirement Savings

    "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."

    This is what Republicans do when they think no one is paying attention. If both the House and Senate pass the legislation as written, President Obama will veto it. Another reason to elect a Democrat for President. Staying home and not voting or making a protest vote for Trump will hurt your pocket book.

  • Strongly Liberal Democrat
    Democrat
    Dallas, TX
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    Finance is parasitic.