deregulating sale of financial products

Here is a follow-up to an earlier post.

President Trump and his team are moving quickly to kill the “Fiduciary rule” intended to protect consumers from financial advisers who look after their own interest (commissions on sales) rather than the interest of their clients.

President Donald Trump has begun killing off an Obama-era retirement-savings rule unpopular with Republicans and some financial-industry executives who say it would harm consumers more than help…“We think it is a bad rule. It is a bad rule for consumers,” said White House National Economic Council Director Gary Cohn in an interview with The Wall Street Journal on Thursday. “This is like putting only healthy food on the menu, because unhealthy food tastes good but you still shouldn’t eat it because you might die younger.”

Lisa Beilfuss and Michael Wursthorn, “Trump Moves to Kill Off Obama’s Landmark Retirement Rule“, Wall Street Journal, 3 February 2017 (gated paywall).

This is NOT fake news, folks; nor is it satire.

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