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Normally I do not publish on Tuesdays and would have skipped Valentine's Day but I wanted to tell you about the decision of Judge Barbara Lynn in Texas.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