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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
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- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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Labor’s Fiduciary Rule Was 'Completely Misintended' - Trump Advisor Gary Cohn
[Photo: Foxbusiness.com]
The "fiduciary rule" that President Donald Trump wants to delay and review was "completely misintended," according to former Goldman Sachs President Gary Cohn, who’s now director of the White House National Economic Council. Appearing on Squawk Box, Mr. Cohn had this to say:
"They thought they were trying to protect investors in their retirement accounts. But by 'protecting investors,' they highly limited their choices."
"When you're trying to encourage younger and younger people to invest for a longer period of time, you need to give them the proper choices that will allow them to accumulate wealth for a long period of time."
Trump is expected to direct the Labor Department on Friday to delay implementation for 90 days in order to review the Obama administration rule, which was designed to prevent conflicts of interest when financial advisors give retirement advice to people.
