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Mike Bloomberg, billionaire and contender for the democratic presidential nomination, released a four-page retirement security policy agenda last week that includes restoring the Labor Department’s fiduciary rule. So reports Investment News.

america 2025465 640smallThe fiduciary rule was vacated by a federal appeals court in 2018.

Bloomberg says the SEC’s investment advice reforms do not provide strong enough protections for investors. “Financial advisers who work on commission sometimes prey on elderly customers, steering them into expensive funds and annuities and away from better alternatives,” Bloomberg asserts in the document. “The Trump administration has reversed the [DOL fiduciary] rule. Mike will protect elderly investors from conflicted financial advice and improve the financial position of retirees.”

The document doesn’t address the SEC’s Regulation Best Interest, or Reg BI, but a Bloomberg campaign aide told Investment News that Bloomberg doesn’t think the regulation will sufficiently protect investors. “It doesn’t set an adequate fiduciary standard,” spokeswoman Rachel Nagler told InvestmentNews.

Read the full article from Investment News.

Last modified on Monday, 24 February 2020
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