PUTTING WORKERS FIRST?

Who are the Trump Administration & Congress (really) fighting for?
"Every decision . . . will be made to benefit American workers."
- President Trump, Inaugural Address, Jan 20, 2017
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Week 73
Jun 13, 2018

Trump DOL abandons the Fiduciary Rule

  • After a federal appeals court overturned a lower court decision to uphold the regulation, the Trump administration refused to petition for rehearing or appeal to the Supreme Court, allowing the rule to be vacated.
  • Without these protections, financial advisers can recommend investments that are in their own best interests rather than their clients’, making themselves money but potentially charging savers high fees or producing.
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DOL, Fiduciary Rule
Week 45
Nov 29, 2017

Trump administration further delays enforcement of key protections for retirement savers to 2019.

  • Labor department further delays for 18 months a requirement for retirement advisers to enter into a contract with retirement savers if they provide certain kinds of conflicted advice.
  • Despite the Department's implausible claim that the delay will not substantially impact retirement savers, EPI finds the impact is 10.9 billion annually.
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DOL, Fiduciary Rule
Week 11
Apr 07, 2017

Trump administration delays enforcement of key protections for retirement savers

  • DOL delays applicability of the Fiduciary Rule and best Interest Contract Exemption till June 9 2017 and all requirements in the Best Interest Contract exemption, except the Impartial Conduct Standards, till January 1 2018
  • The 60 day delay will cost retirement savers 3.7 billion dollars ovr 30 years.
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DOL, Fiduciary Rule
Week 6
Mar 02, 2017

Trump Administration seeks to extend the applicability of the Fiduciary Rule and the  Best Interest Contract Exemptions by 2 months.

  • DOL seeks to delay the effective date of the Fiduciary Rule, a common sense rule that requires investment advisors to act in the best interest of their clients and the contract exemptions which requires advisors to enter into certain contractual obligations if they provide certain kinds of conflicted advice.
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DOL, Fiduciary Rule
Week 4
Feb 13, 2017

Trump administration threatens the hard-earned retirement benefits of workers.

  • Trump Orders DOL to reconsider the Fiduciary Rule; a commonsense rule that requires retirement advisors to act in the best interests of their clients.
  • The Labor department estimated that the delay could cost investors $147 million in the first year, and $890 million over 10 years, in front-load mutual funds alone.
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DOL, Fiduciary Rule
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