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Lobbyists Rally To Ensure Brokers Can Scam Your 401(k)

Tuesday, July 16, 2013 - 9:02 AM
Since 2010, the Labor Department has proposed rules that would broaden the definition of fiduciary to “anyone who provides investment advice for a direct or indirect fee to retirement plans or holders of an individual retirement account.

In September of 2011, the rule was retracted to be reworked. Fortunately for 401(k)-holders, the Labor Department says that it will re-propose the rule earlier this year. And as expected, the lobbying against the rule has heated up.

Lobbyists Rally to Ensure Brokers Can Scam Your 401(k) | The Nation
ShorebreakShorebreak2,696 posts since
Apr 6, 2010
Rep Points: 14,620
1. Tuesday, July 16, 2013 - 1:48 PM
This is why we all need Elizabeth Warren and the agency she had proposed. I think finally after 2 years a vote May come up today in the Senate to approve the agency head until Jan 2014. 
Ally6770Ally6770942 posts since
Jan 16, 2010
Rep Points: 2,741