Skip to comments.Your retirement savings: Obama proposal
Posted on 02/23/2015 9:43:22 AM PST by Olog-hai
The Obama administration is proposing tougher restrictions on brokers who manage Americans retirement accounts, reigniting a confrontation with the financial services industry over rules affecting trillions of dollars in 401K and other savings accounts.
The change would put brokerswho sell stocks, bonds, annuities and other investmentsunder the stricter requirements for registered financial advisers when they handle clients retirement accounts.
In a long-anticipated move, the Labor Department is making the proposal Monday to the White House Budget Office. After an internal review, it likely will be put out for public comment for several months. Obama was scheduled to address the AARP later Monday to draw attention to the plan.
The rule has been the subject of intense behind-the-scenes lobbying, pitting major Wall Street firms and financial industry groups against a coalition of labor, consumer groups and retiree advocates such as the AARP.
(Excerpt) Read more at hosted.ap.org ...
So much of the accounts will go to Obama and his family?
How much will go to the DNC?
How much to the UN?
Will Moslems be EXEMPT from these taxes, too, again?
Will the EXEMPT Congress be EXEMPT from these taxes, too,
And where is the EXEMPT Congress on this?
(hiding; .....[crickets] )
We don't need your protection, Obama.
I still can't believe he is president of the United States.
Its all about control. Big govt types HATE people being independent and thinking on their own.
They want to control every aspect of our lives.
As with any edict from this regime, follow the money.
Some affiliate of the Chicago Mob is going to prosper from this.
Because you working for your money and saving for your retirement is RACIST!
if this was played right, we could pit the gimmiedats against the educated libs
clients’ interests first??? That sounds like communism!
Obama messing with things that aren’t a problem ?
You’re new here, aren’t you ?
Let’s see. . . Obamacare, Carbon Regulation, Offshore Drilling, the Keystone XL, Net Neutrality, Travon/Ferguson/Garner, etc ???
I would grudgingly agree to put 401K plans under tighter fiduciary controls as long as this administration agreed to submit to the same fiduciary guidelines.
Remember, Obama signed up for Obamacare too.
Where in the proposed-—”rules” is, for our “security” rules to put our savings under gubmint protection— that is
the Govt. “Bail-In” in which our hard earned savings and investment actually BELONG to the Govt. who can take it at will. This sets up BAIL IN ala Greece and EU, and Cyprus....and.....etc. Since the Fed is stoppine QE
This @hiite needs to be examined with a microscope. The answer is the SEC monitors this already. And so do the investors. Our money is OUR money, not yours obamaumao.
Another step towards...”Well obviously, only we, the government, can manage your retirement accounts properly, so we’re taking them over.”
The article is biased in my view towards the Obama money grab. Associated Press, AARP, the usual bent towards labeling brokers as dishonest, on the payroll, etc.
For what purpose would Obama government be fixing something that doesn’t need fixing, unless it’s to fix it in their favor? We are talking over a trillion dollars here. They want it.
Prep for seizing 401k’s after he collapses the dollar.
The proposed regulation has nothing to do with taxes. The proposal would require brokers who manage 401k accounts to act as fiduciaries for their clients, which is the same standard that applies to registered financial advisors. Under the current rules, brokers do not have to act exclusively in the best interests of their clients, which is why brokers often sell expensive products that generate fat commissions and fees for themselves, but underperform other investment products that are lot less expensive for the client.
That isn't what will happen. Licensing will mean more courses and degrees where the gov tells those employed in finance how to think and to support any government changes. It will be another jobs boondoggle for the education industry. You'll get people with degrees that have questionable value getting licensed and those with skills but not the requirements being cut out.
In the long run, it will be like common core is to education. You'll have an army of drones employed in the finance industry who will do the gov's dirthwork without question.
Next step after that....converting 401Ks into federally held annuities.