If you thought Obamacare was terrifying, just wait until you read about what President Obama's regulatory agencies are planning to do with your retirement savings.
According to an alarming report in the
Wall Street Journal, government regulators at the Labor Department will be implementing new rules at the end of the year that will eventually force private retirement investments into government accounts. How? By making private investment options, specifically IRAs, too burdensome, a liability and expensive. Bolding is mine.
President Obama’s regulators aren’t slowing down, alas. And on Wednesday they unveiled another part of their plan to push Americans out of private investment accounts and into government-run plans.
The Department of Labor says its so-called fiduciary rule will make financial advisers act in the best interests of clients. What Labor doesn’t say is that the rule carries such enormous potential legal liability and demands such a high standard of care that many advisers will shun non-affluent accounts.Middle-income investors may be forced to look elsewhere for financial advice even as Team Obama is enabling a raft of new government-run competitors for retirement savings. This is no coincidence.
Labor’s new rule will start biting in January as the President is leaving office. Under the rule, financial firms advising workers moving money out of company 401(k) plans into Individual Retirement Accounts will have to follow the new higher standards. But Labor has already proposed waivers from the federal Erisa law so new state-run retirement plans don’t have the same regulatory burden as private employers do.
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4 comments:
Wall Street telling us what a burden it will be for them to look out for their peon clients. Poor babes.
Don't fall for this appeal to keep screwing everyone. They need someone looking over their shoulders.
Bury cash and gold metal somewhere you can get to it without notice. (NOT on your property)
With zero interest rates and even negative interest coming, there's no benefit to holding money in banks, which might fail at any given moment. This world is getting ready to change drastically, and buried cash and silver, gold will always be there.
Banks can disappear overnight anymore.
This is where you will lose all your money. Just say no, but meanwhile, take steps to bury your assets, There's nothing to gain in the interest market.
Can this be???? Actual people who get on this site sand comment actual have some brains about them? Actually offering a solution instead of jaw jacking???
NO way!!! this cannot be true... People in this country are to stupid to have ideas like that...
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