(Daily Caller) The best intentions sometimes yield the worst regulatory policies — just ask anyone who has spent significant time in our nation’s capital. The federal government often develops well-intentioned policies that only result in a bureaucratic morass. Unfortunately, the Obama administration is once again headed down that flawed path.
If the Department of Labor (DOL) implements its proposed fiduciary standard under the Employee Retirement Income Security Act, millions of Americans with Individual Retirement Accounts (IRAs) and 401k plans will have their access to financial advice and investment options drastically limited by the government.
Like many of my investment sector peers, I respect DOL’s desire to protect hard-working Americans as they prepare for retirement. But the agency’s proposal is flawed, unworkable and will unintentionally hinder the very groups it purports to safeguard.