in , , ,

Obama Holdovers in Labor Dept. Are in Full Revolt Against Trump

According to a new story in the Wall Street Journal, holdovers from the Obama administration are in a state of mutiny in the Department of Labor. After trying their damnedest to keep President Trump’s original nominee for Labor Secretary, Carl’s Jr. CEO Andy Puzder, from getting the job – an effort that was ultimately successful – these leftover Democrats are now openly fighting the Trump agenda.

The central problem stems from one of Trump’s early executive orders, which instructed the Labor Department to review the fiduciary rule. Trump sent a memo to the agency, directing them to examine the rule, which is intended to regulate how an investment broker can act on behalf of a client. The broker must act in the best interests of the customer, essentially. Now, this seems like the kind of law that would be nice to have on the books, but conservatives argue that it actually keeps many Americans from getting the best possible financial services.

In the memo, Trump instructed Labor officials to see whether the “anticipated applicability of the Fiduciary Duty Rule has harmed or is likely to harm investors due to a reduction of Americans’ access to certain retirement savings offerings, retirement product structures, retirement savings information, or related financial advice.”

The Journal reports that this directive is responsible for much of the mutiny within the Labor Department. And if there needed to be an extra partisan spin on the issue, the rule itself was championed by Obama’s Secretary of Labor Tom Perez, who now happens to be the chairman of the Democratic National Committee. So while it might seem strange that this is where Obama loyalists are drawing a line in the sand, Perez’s involvement is probably the key to that particular puzzle.

On the small end of the scale, this rule is only going to force investment banks to shut down certain retirement packages open to the average customer. They aren’t going to keep these investment options open on a nonprofit basis; they’ll just simply stop offering the options altogether. This rule, therefore, doesn’t take all the crooks off the market, as Democrats say. It just takes everyone off the market, meaning that many Americans will no longer have access to the kind of retirement advice they need.

On the larger end of the scale, of course, this is about Trump getting full control of his administration. That means getting rid of the old wood and putting in new wood, to quote John Goodman. And there’s no time like the present.

Written by Andrew


Leave a Reply
  1. You really make it seem so easy with your presentation but I find this matter to be
    actually something which I think I would never understand. It seems too complicated and extremely broad for me.
    I’m looking forward for your next post, I’ll
    try to get the hang of it!

  2. I was excited to find this website. I wanted to thank you for your time for this fantastic read!! I definitely savored every bit of it and i also have you saved to fav to look at new things in your web site.|

  3. hey there and thank you for your info – I’ve definitely picked up something new from right here. I did however expertise a few technical points using this site, since I experienced to reload the site a lot of times previous to I could get it to load correctly. I had been wondering if your web host is OK? Not that I am complaining, but sluggish loading instances times will very frequently affect your placement in google and could damage your high-quality score if ads and marketing with Adwords. Well I’m adding this RSS to my email and can look out for much more of your respective exciting content. Ensure that you update this again soon.|

  4. Howdy! I know this is kinda off topic nevertheless I’d figured I’d ask. Would you be interested in trading links or maybe guest authoring a blog article or vice-versa? My website discusses a lot of the same topics as yours and I feel we could greatly benefit from each other. If you happen to be interested feel free to send me an e-mail. I look forward to hearing from you! Fantastic blog by the way!|

  5. Thank you a lot for sharing this with all folks you actually know what you are speaking approximately! Bookmarked. Kindly additionally visit my web site =). We may have a link change contract among us|

  6. Thanks for your marvelous posting! I quite enjoyed reading it, you happen to be a great author.I will always bookmark your blog and may come back later in life. I want to encourage you to ultimately continue your great work, have a nice evening!|

  7. Wow, marvelous blog format! How long have you been running a blog for? you made blogging glance easy. The overall glance of your web site is excellent, let alone the content!

  8. It’s the best time to make some plans for the future and it’s time to be
    happy. I have read this post and if I could I wish to suggest you few interesting things or advice.
    Maybe you can write next articles referring to this article.

    I desire to read more things about it!

  9. I just could not go away your site before suggesting that I extremely enjoyed the
    standard info a person supply for your visitors? Is gonna be again regularly in order to check up on new posts

  10. It is the best time to make a few plans for the longer term and it’s time to be happy.
    I have read this put up and if I could I wish to suggest you few interesting issues
    or advice. Maybe you can write subsequent articles relating to this article.
    I want to read even more things approximately it!

  11. Its like you read my mind! You seem to know a lot about this, like you wrote the book in it or something. I think that you could do with some pics to drive the message home a bit, but instead of that, this is magnificent blog. A great read. I will definitely be back.|

  12. Hi there would you mind letting me know which web host you’re working with?
    I’ve loaded your blog in 3 different internet browsers and I must say this blog loads a lot
    faster then most. Can you recommend a good hosting provider at a honest price?

    Cheers, I appreciate it!

  13. Hello! Quick question that’s totally off topic. Do you know how to make your site mobile friendly? My weblog looks weird when viewing from my apple iphone. I’m trying to find a theme or plugin that might be able to correct this problem. If you have any recommendations, please share. Thank you!|

  14. I was curious if you ever thought of changing the layout of your site? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having one or two images. Maybe you could space it out better?|

  15. Q: How many babies can a woman be pregnant with?
    A: cheap viagra london Best news back medication. Announce gen here.
    About a district of men said that erection problems started between adulthood 50 and 59, and 40% said they started between era 60 and 69. Having long-lived diseases and other chance factors worry with reverence to ED, too.

One Ping

  1. Pingback:

Leave a Reply

Your email address will not be published. Required fields are marked *

University’s “White Privilege Checklist” Inspires Groans

Trump the First President Since Reagan to Speak at NRA Forum