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Happy Valentine's Day and Update on the Retirement Fiduciary Rule


TIME GOES BY 2016 DONATION WEEK REMINDER
This is day two of the 2017 TGB donation drive to help support the increasing costs of maintaining Time Goes By. You can read the details on Monday's post.

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Remember when I told you last week that President Donald Trump has signed a memorandum asking the Department of Labor to review President Barack Obama's regulation, the fiduciary rule, that requires investment advisers to put clients' interests above their own when giving advice on retirement accounts.

A reversal of the regulation would do away with the requirement of, basically, honesty.

Last week, in a directly related case seeking to roll back the regulation, brought by the investment community against the U.S. Labor Department in Texas, the court, in a sharply-worded decision, ruled against the plaintiffs. As The New York Times reported:

”The judge, Barbara Lynn, called the plaintiffs’ objections without merit, 'unpersuasive' and 'at odds with market realities.'”
Reuters picks up the coverage:

”The stinging 81-page ruling comes just days after Trump ordered the Labor Department to review the 'fiduciary' rule - a move widely interpreted as an effort to delay or kill the regulation,” reports Reuters.

“The decision by Chief Judge Barbara Lynn for the U.S. District Court for the Northern District of Texas is a stunning defeat for the business and financial services industry groups that had sought to overturn it.

“And while it is not expected to stop the Labor Department from delaying the rule's April 10 compliance deadline while it conducts the review, some legal experts say it could make it more difficult for the Labor Department to find a way to justify scrapping or significantly altering the rule.”

Full 81-page decision is here [pdf].

As the ongoing cabinet confirmations continue to show us, we of the resistance are going to live through a lot of defeats and disappointments so we should celebrate the victories when we can. This may be a small step but so far, our side has won this time. Hurray.

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Normally I do not publish on Tuesdays and would have skipped Valentine's Day but I wanted to tell you about the decision of Judge Barbara Lynn in Texas.

So that means I also get to send Valentine greetings letting you know how much each of you means to me. This is a labor of love but it wouldn't be so without every one of you who stops by, leaves comments, shares the posts via Facebook and Twitter and sends suggestions and all the rest you do. You are what make this blog worth it for me.

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Comments

Happy Valentine's Day to you as well, Ronni!!!!

Poor Donald must be apoplectic over "so-called judges" constantly interfering with his plans.

Happy Valentine's Day, Ronni!

I like that the decision came from a judge in Texas.

Meanwhile, yes, Happy Valentines Day to you as well, Ronni.

Happy Valentine's Day Ronni !

Many thanks for this blog and all the effort you put into it. I always look forward to it.

Great news on the judge's decision! Thanks for the update. And a Happy Valentine's Day to you, Ronni.

Happy Valentine's Ronni and thanks for the gift of good news!

You are my Valentine for keeping us up to date on things we might have missed in this day-to-day crazy Trump world. So glad you have a donation week to remind us you need a little help in doing all you do for us.

Thank you Ronni, for the update and the holiday greeting. Happy Valentine's Day to you, too, and everyone who participates in the Time Goes By community! And if you need a little laugh and haven't seen them yet, Google Trump Valentine's Day card memes; they're pretty amusing. My favorite one may be the picture of him saying, "I wouldn't deport you!"

"One small step. . ." Yay for the judge in Texas (of all places). In addition, today there's one less deplorable in a top level position in The Orange Apparition's administration. Another small step perhaps. . .

Happy Valentine's Day to all!

Happy Valentines Day to Ronni and to all of you who read this blog. I spend half my days trying to keep up with what's going on in Washington, D.C., and I didn't see a word about the judge's decision -- I can't figure out if the media just doesn't think these things are important to us or, since it's bad news for #45, they don't want to upset him by printing anything about it.

Here's hoping that #45 doesn't win any court battles! Ever!

Happy Valentine's Day to you, Ronni! And to all of your readers who help keep us sane!

There is so much news coming out of Washington, on what seems like on an hour to hour basis, regarding president (shudder) Trump and his cohorts that my head is going to explode.
Therefore, I thank Ronnie for cutting through some of the flotsam and jetsam and presenting stories that have the most meaning for those of us whose incomes will be directly affected by any new legislation initiated by this new administration.

Oh, and a belated HAPPY VALENTINE'S DAY to you all.

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