re: Trump to roll back regs on banks in new EO.

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but why on earth would you remove the fiduciary rule?

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Exactly, someone answer this

How about an EO for auditing the fed?

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Exactly, someone answer this

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Because not everyone that works with a benefit plan investor should be held to the ERISA fiduciary standard.

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Dodd Frank led to the great recession

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Do you mean it led to the Great Recession of 2008/2009 although Dodd-Frank wasn't passed until 2010?

Notice anything funny about that???

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Exactly, someone answer this

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Because there are thousands of financial advisors who follow the rules and the law. They are being absolutely bombarded with bullshite paperwork that reduces their ability to actually help clients achieve their financial goals with this DOL rule. And it's just asking for the shark attorneys to start hammering financial advisors for providing what's normally good advice that doesn't meet this ridiculous fiduciary standard. There aren't 50,000 advisors out there fricking clients over. There just aren't. 9 out of 10 do the right thing for clients each and every time. This rule was ill written, cumbersome and it achieved absolutely nothing.

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Why's that

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Because not everyone is a plan fiduciary. That's been recognized under ERISA since 1974 when it was first passed.

Fiduciary rule was not voted on by house, but was a regulation passed by DOL.

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Fiduciary rule was not voted on by house, but was a regulation passed by DOL.

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This is true, but the house did vote on allowing the SEC to study and implement new standards for financial advisors.

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This is true, but the house did vote on allowing the SEC to study and implement new standards for financial advisors.

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The SEC, not the DOL. And the SEC proposal relates to creating a uniform fiduciary standard for both investment advisers and broker-dealers. Broker-dealers are subject to a less stringent standard than are investment advisers under the Advisers Act.

You don't understand.

The law was past without procedures. Fed agencies have been interpreting the law and producing procedures.

Some procedures, now Regs, will stick and require Congress. Other procedures do not require Congress, though significant changes can be appealed through the Judical process.

Trump is doing NOTHING more that what has been allowed before. The differences are:

The person doing it
The amount of attention being focused on it
The sheer number of EO completed in 2 weeks