Tag Archives: fiduciary ethics

Your Congress at Work

The Congressional GOP is running the show in Washington, and clearly feeling its oats.  They aren’t even embarrassed about moving quickly to pollute the environment and remove rules intended to protect Americans from a variety of threats, physical and financial.

As Vox reports,

With everything that Republicans want to do — repeal Obamacare, overhaul the tax code — it might seem odd that one of Congress’ very first acts would be to kill an obscure Obama-era regulation that restricts coal companies from dumping mining waste into streams and waterways.

But that is indeed what’s going on. On Thursday, the Senate voted 54-45 to repeal the so-called “stream protection rule” — using a regulation-killing tool known as the Congressional Review Act. The House took a similar vote yesterday, and if President Trump agrees, the stream protection rule will be dead. Coal companies will now have a freer hand in dumping mining debris in streams.

NPR has more not-good news:

On Thursday the GOP-controlled House voted to overturn an Obama administration rule designed to keep firearms out of the hands of some people deemed mentally ill.

The action was the latest move by congressional Republicans to undo several of President Obama’s regulations on issues such as gun control and the environment through an arcane law called the Congressional Review Act..The National Rifle Association had pushed for the repeal, and Republicans argued it infringed upon Second Amendment rights by denying due process.

Evidently, the GOP’s allegiance to the NRA trumps (pardon the phrase) its pious concern for “right to life” –at least when that right is asserted by those of us who are already born..

Meanwhile, Investment News explains Trump’s assault on fiduciary responsibility and Dodd-Frank.

President Donald J. Trump today will halt a Labor Department regulation that requires advisers on retirement accounts to work in the best interests of their clients. Mr. Trump’s order will give the new administration time to review the change, known as the fiduciary rule.

He will also order a sweeping review of the Dodd-Frank Act rules enacted in response to the 2008 financial crisis, a White House official said, signing an executive action designed to significantly scale back the regulatory system put in place in 2010.

Taken together, the actions are designed to lay down the Trump administration’s approach to financial markets, with an emphasis on removing regulatory burdens and opening up investor options, said the White House official, who briefed reporters on condition of anonymity.

The orders are the most aggressive steps yet by Mr. Trump to loosen regulations in the financial services industry and come after he has sought to stock his administration with veterans of the industry in key positions.

I’m sure that all those Trump voters who claim that they weren’t voting for his bigotry, his misogyny or his xenophobia, but because they believed his promise to “drain the swamp,” will be so pleased….

At least we can all see clearly now just who the Trump/GOP’s real constituents are.