Edward Dunne Ann Arbor, MI 27 minutes ago The president is quoted in the article: "We expect to be cutting a lot out of Dodd-Frank because frankly, I have so many people, friends of mine that had nice businesses, they can’t borrow money." Yes, he is advocating changing the law for the benefit of friends of his. Moreover, he is bold enough to come right out and say it.
FlagReply 53Recommend Share this comment on FacebookShare this comment on Twitter NYT Pick Mmm Nyc 28 minutes ago The fiduciary rule is a good idea, but the implementation wasn't thought out very well. This is evident by the sheer fact it was a Labor Department rule promulgated under ERISA (so just covered retirement accounts) and not by the SEC who could set a more uniform standard.
The American public would benefit by having the SEC lay out some simple, clear, uniform regulations limiting mutual fund kickbacks to brokers, indirect fees and other fee schemes. The mutual fund industry is arguably a giant net drain on society and so a modicum of effective regulation would be useful to all Americans that have investment accounts.
And note to the SEC: we don't need more enhanced disclosure requirements. I already get about 10 mailings a week from brokerage accounts and it's essentially junk mail to me. I don't need IBM to report in their 10-K about conflict minerals in Africa. We need improved substantive regulation.
President Trump on Friday said sweeping changes are needed to the Dodd-Frank financial reform law because his friends in business are struggling to get loans from banks.
“We expect to be cutting a lot out of Dodd-Frank because, frankly, I have so many people, friends of mine, who have nice businesses who can’t borrow money. They just can’t get any money because the banks just won’t let them borrow, because of the rules and regulations in Dodd-Frank,” Trump said at a Friday morning meeting with CEOs from a number of companies.
CEOs attending the meeting included Jamie Dimon of JPMorgan Chase and Stephen Schwarzman of the Blackstone Group.
Never mind doing what is in my best interests just screw me and send me the bill.
Fiduciary Rule Is Now in Question. What’s Next for Investors. By RON LIEBERFEB. 3, 2017
On Friday, President Trump signed an executive order seeking a review of an Obama-era rule that would have forced financial professionals to act in customers’ best interest when giving them advice about their retirement accounts.
The so-called fiduciary rule, the subject of years of intense debate and industry lobbying, was set to take effect in April, but the order removes that deadline, and the rule will likely disappear. Gary Cohn, the former Goldman Sachs executive who is now the director of the National Economic Council, told The Wall Street Journal that he wanted it gone.
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