Friday, 16 June 2017 00:00

The Obama Administration Admits Fiduciary Rule a Mistake

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Here is an interesting development—a major member of the Obama administration, and a finance chief no less, has just admitted the faults of the fiduciary rule. Jack Lew, former US Treasury secretary under Obama, has just said the Fiduciary Rule will have some “unintended consequences”, including "pricing smaller investors out of the financial advice market”. He did try to stick to the White House line, saying he thought it was a positive rule overall.

FINSUM: He may have paid some lip service to the rule, but his admissions make clear that he thinks the DOL rule is faulty. How can pricing people out of the market be in the best interest of clients? How can Democrats, of all parties, say that only the rich deserve financial advice?

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