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.
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