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Fri Mar 16, 2018, 11:48 AM

Court Overturns Obama-Era Rule on Retirement Planners.

'A federal appeals court ruled on Thursday that the Department of Labor overstepped its authority when it wrote a rule that required financial professionals, including brokers and insurance agents, to put their customers’ financial interests ahead of their own. . .

“That times have changed, the financial market has become more complex, and I.R.A. accounts have assumed enormous importance are arguments for Congress to make adjustments in the law, or for other appropriate federal or state regulators to act within their authority,” the majority wrote in their opinion. “A perceived ‘need’ does not empower D.O.L. to craft de facto statutory amendments or to act beyond its expressly defined authority.”

The strongly worded decision is not necessarily the end of the fiduciary rule, lawyers said, but its future is highly uncertain.

“Even though the Trump administration is not a strong supporter of the fiduciary rule, it will likely continue to defend the fiduciary rule against legal challenges,” said Marcia S. Wagner, an employee benefits lawyer.'>>>

https://www.nytimes.com/2018/03/16/business/fiduciary-rule-retirement-planning.html?

8 replies, 999 views

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Reply Court Overturns Obama-Era Rule on Retirement Planners. (Original post)
elleng Mar 2018 OP
Sanity Claws Mar 2018 #1
elleng Mar 2018 #2
mahatmakanejeeves Mar 2018 #3
elleng Mar 2018 #4
Gothmog Mar 2018 #5
elleng Mar 2018 #6
Gothmog Mar 2018 #7
elleng Mar 2018 #8

Response to elleng (Original post)

Fri Mar 16, 2018, 11:52 AM

1. Why is the Department of Labor involved here?

We need protection from financial professionals who may not be acting in the clients' best interests but why is this a rule from DOL? The obligations of financial professionals fall under other agencies.

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Response to Sanity Claws (Reply #1)

Fri Mar 16, 2018, 12:16 PM

2. 'Labor Department, which oversees retirement accounts.'

Gotta do some research to get a complete answer, but the above is in the article.

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Response to elleng (Reply #2)

Fri Mar 16, 2018, 12:39 PM

3. Employee Benefits Security Administration

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Response to mahatmakanejeeves (Reply #3)

Fri Mar 16, 2018, 12:48 PM

4. Thanks!

I knew someone would be on top of this! I WAS too, in years passed!

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Response to elleng (Original post)

Fri Mar 16, 2018, 03:36 PM

5. This opinion was written by Edith Jones is an asshole

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Response to Gothmog (Reply #5)

Fri Mar 16, 2018, 03:39 PM

6. 2-to-1 decision

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Response to elleng (Reply #6)

Fri Mar 16, 2018, 03:46 PM

7. My law partner just gave me the opinion

I will read over the weekend

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Response to Gothmog (Reply #7)

Fri Mar 16, 2018, 03:49 PM

8. Thanks.

'“A perceived ‘need’ does not empower D.O.L. to craft de facto statutory amendments or to act beyond its expressly defined authority.”'

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