Amid this year's toxic political climate, the largest retirement bill in more than a decade has nearly unanimous support in both chambers of Congress. But it can't get passed.
The Secretary of Labor became collateral damage in the Jeffery Epstein case. His replacement at Labor was the attorney who convinced the Fifth Circuit Court of Appeals to vacate the Obama-era fiduciary rule.
The Securities and Exchange Commission took over for Labor and finalized a fiduciary-lite rule for broker dealers in the retail market. SEC Chair Jay Clayton insists Regulation Best Interest will adequately protect investors from unscrupulous sales pitches, while preserving choice by reserving a place at the table for commission compensation. Others complain it will lead to more confusion. Some states are suing to get it scrapped.
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