In the face of supporting evidence described above, in addition to harming retirement savers, the Department would be exposing itself to significant legal risk to change course and further delay the Rule now.
Throwing up elaborate procedural hurdles isn’t a recipe for to good government. It’s a deliberate plan for increasing the control that Wall Street’s lobbyists have over government decision-making at the expense of the public interest.
The committee has passed a bill that would give Wall Street and assorted predatory lenders a free hand to abuse consumers and investors, and would increase the likelihood of another financial crisis. If it became law it would make life harder for American families and for small businesses of all types.
“We are seriously concerned about what Jay Clayton’s leadership will mean for investors and the economy. His longtime client, Goldman Sachs, played a central role in the devastating financial crisis of 2008 and has a long record of questionable market behavior. Clayton himself has numerous direct personal conflicts of interest.”
The committee, with the backing of the Trump administration, is gearing up to pass a bill that would give Wall Street and assorted predatory lenders a free hand to abuse consumers and investors, and raise the likelihood of another financial crisis. Congress should be looking for ways to enforce the rules on Wall Street, not reward their army of lobbyists.
“This legislation would be better dubbed ‘Wall Street’s CHOICE Act,’ because it would have a devastating effect on the capacity of regulators to protect the public interest and defend consumers from Wall Street wrongdoing and the economy from risks created by too-big-to-fail financial institutions.” — testimony at House Financial Services Committee hearing, April 26
AFR’s Senior Policy Analyst Alexis Goldstein appeared on CNN Newsroom with Brooke Baldwin on Wednesday, April 26th to discuss how the Trump Administration’s tax plan would benefit Wall Street and leave ordinary American workers behind. “We have two former bankers from Goldman Sachs announcing a tax plan that–from the details that we do know–will dramatically cut taxes for big banks like Goldman Sachs,” Goldstein said.
“…This legislation would be better dubbed ‘Wall Street’s CHOICE Act’, as it would have a devastating effect on the capacity of regulators to protect the public interest and defend consumers and investors from Wall Street wrongdoing… This nearly 600-page bill is a radical piece of legislation…”
“Wall Street banks are already expert tax-dodgers. According to Institute on Taxation and Economic Policy data, nine of the largest and most profitable U.S. banks paid an average federal tax rate of only 18.6% between 2008 and 2015–far less than the statutory rate of 35%. …Tax plans from President Trump and House Republicans would only make it easier for Wall Street to rig the tax code and avoid paying their fair share.”
A new “Retirement Ripoff Counter” unveiled today at an event with Senator Elizabeth Warren and AFL-CIO President Richard Trumka shows how important it is that the fiduciary rule be fully implemented. Bad advice costs Americans $46 million a day, $1.9 million per hour, and $532 a second.