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USA Today OpEd: Don’t Make It Harder to Save for Retirement
The Obama administration is proposing a retirement rule that could restrict access to information, limit investor choice and raise costs on American families saving for retirement. This isn’t about whether brokers and investment advisers should be subject to a fiduciary duty when doing the same thing. We agree with that. It’s a question of whether the administration should proceed, irrespective of congressional intent and in conflict with regulators, with a rule that will ultimately make it harder to save….The administration proposal to change the rules could make saving for retirement much harder by taking away a service that many middle-class families use. As Congress intended, the administration should let the Securities and Exchange Commission do its job to develop a rule that would balance the need to enhance investor protections and protect investor choice, something the industry has long supported. Read More…