As we heard Professor Richard Wolff explain in Edition #1079 ("If you're not at the table, you're on the menu"), President Obama’s Fiduciary Rule - which aims to protect people with investments from self-serving financial advisors - is under threat.
After years of debate, research and industry lobbying, the rule was supposed to take effect on April first of this year. But Trump has intervened by asking the Department of Labor to analyze the rule again and rescind or revise it if it is “inconsistent” with Administration priorities. To make matters worse, the fox is - yet again - in the hen house. Former Goldman Sachs executive Gary Cohn is now the director of the National Economic Council and he is on the record with the Wall Street Journal saying he wants the Fiduciary Rule gone.
Senators like Elizabeth Warren are leading the charge to argue for the best interests of those with pensions and retirement funds, who are losing more than $17 billion every year without this rule in place. In a recent letter to the Acting Secretary of Labor, Edward Hugler, Warren noted that she wrote to over thirty leading finance companies about their stance on the Fiduciary Rule. Twenty one of them wrote back saying the rule is good for workers saving for retirement and companies are prepared to meet the compliance deadline.
Warren goes on to say,
"...to rescind this rule or to delay the implementation of this rule in any way would rip billions of dollars in retirement savings from the pockets of hardworking Americans and put it straight into the hands of giant financial institutions."
So, what can you do? You need to call your Senators today and every day and tell them to act like Elizabeth Warren. Tell them they need to publicly and pro-actively support and protect the Fiduciary Rule so that you, and everyone with investments that their future depends on, receives financial advice in their best interest. The team at Indivisible Guide has prepared call scripts specifically for the Fiduciary Rule issue to use when calling your senators. To access these scripts, go to the Fiduciary Rule Scripts page at IndivisibleGuide.com.
And again, we want to ask that you help us in our work to amplify the most effective activism. If you have come across an action or a new organization that is doing great work getting people engaged to resist the Trump agenda, please share it with us by emailing Amanda@bestoftheleft.com.
So, if stopping big banks from siphoning off workers’ retirement savings is important to you, be sure to hit the share buttons to spread the word about Telling Your Senators to Support & Protect the Fiduciary Rule via social media so that others in your network can spread the word too.
Trump has always been right about one thing: the system IS rigged. Now let’s stop him from helping big banks keep it that way.
So what now? Tell your members of Congress what you think. Use our script as a start. https://t.co/dwRHL7mJWq— Indivisible Guide (@IndivisibleTeam) February 7, 2017
Call your Representatives and Senators to demand they publicly support and protect the Fiduciary Rule: 202-224-3121 (Capitol switchboard number)
Fiduciary Rule is Now in Question. What's Next for Investors? (The New York Times)
Market Recap - Executive Actions Planned for Dodd-Frank and Fiduciary Rule (Personal Capital)
"You Might Die Younger" Without the Fiduciary Rule (Personal Capital Blog)
Retirement Plans: Last Week Tonight with John Oliver (Last Week Tonight with John Oliver, HBO)
Posted February 14, 2017; Written by Best of the Left Communications Director, Amanda Hoffman
Hear the segment in the context of Best of the Left Edition #1079: If you're not at the table, you're on the menu (Trumpian Economics)