June 2, 2017
The SEC has always been the primary regulator of the brokerage industry. The DOL has overstepped its authority with the DOL Fiduciary Rule. If there is a new standard that needs to be considered, it should be a uniform standard that covers all retail accounts.
The DOL Fiduciary Rule is a gross overreach by the government into the private sector. Elections make a difference. We just had one! Trump has made his feelings clear about the need to repeal or amend 75% or more of these job killing regulations enacted by the Obama administration.
The DOL Rule needs to be rescinded & any new rule needs to be carefully studied & developed by the SEC.