Earlier this year, Trump appointed a new CFPB Acting Director, Mick Mulvaney. Upon which the left went bat$h!t crazy.
Since he took over, Mulvaney has been doing everything possible to require this Faux Squaw's created bureau to become responsible, follow the rule of law,, limit what it can do to what it can do so to be Constitutional, as well as to do what the law says as well as what the law does not say, , downsize it, stop the insane pay raises the 'leadership' recently got, as well as to demand they be held financially accountable to Congress, unlike in the past where it was not.
Ideally, in my opinion, the CFPB should be done away with entirely.
Then, last month, the 5th Circuit Court struck down another of Princess Fauxahonta's signature 'achievements' when they vacated the DOL's asinine 'Fiduciary Rule,' which made it almost impossible and untenable for advisors to offer investment advice to people in 401(k) plans and other qualified retirement plans.
The DOL has said they will not appeal (Thank you, Trump Administration!), but other organizations could do so.
We're not across the finish line yet, but it's a BIG step in the right direction.
I don't like some of what he does, but I love most of the rest of what he does.
Heck, even my wife, who's a Dem but not political at all, likes a lot of what he's done.
True that. But don't you dare ever criticize Trump for anything here on the CF, a few here will equate you with Sybil and LeftyLouie.
Sadly, even if the fiduciary rule is done away with, the damage has been done. We will be living with the repercussions of it for the rest of our lifetime. Broker Dealers have too much invested in complying with it to scrap it all. Besides, it's a huge cash cow for them.
The best firms will take steps to ensure they always do the best thing for their clients.
But then, they are always taking such steps, regardless of the idiotic and harmful things The Faux Squaw wants.
This clown hasn't got a clue about our business, nor what are the best things clients need.
All she's worried about is promoting her anti-capitalism, anti- wealth policies.
Perhaps she does that because she knows SHE lied her way to the top and to the wealth she has and she feels really, really guilty about that.
Therefore she assumes we're all just like her, even though nothing could be further from the truth.
I'm having trouble agreeing 'the industry is so heavily invested' in keeping this BS.
Every phase of the industry spent the last few years, as well as billions of dollars, changing regulations, compliance procedures, products, compensation structures, etc., to comply with the DOL regulations. The money’s been spent, the infrastructure and compliance apparatus has been built, and because of that, even if the regs go away, the behemoth that has been built and implemented is pretty much here to stay...at least for your and my time remaining.
And for what? The good product companies, broker dealers, and advisors will continue to do what is right by the client and the bad ones will continue to do what they’ve always done.
The only way I see things getting rolled back in any significant way is if the lawsuits like the ones that are already being filed for "reverse churning" are successful to any significant degree.