June 17, 2017
Please follow the DOL fiduciary rule. The SEC has a long history of favoring wall street over the public because of political contributions to the parties naming the commissioners. It is a history of shameful abuse of the public trust. Your own statement above enumerates initiatives that have left us with the predatory conditions that we have today. Please do not let the industry hide behind disclosure. There should be nothing to disclose other than I am required to put your interests above mine. There is nothing complicated about the golden rule. People have jobs and children to raise so they are unsophisticated in financial matters. Please stop letting some of the brightest people in the world prey on them. Look at the Vanguards and Schwabs that are successful without mistreating people. A 1% of assets annual fee does not sound like much to the unsophisticated but is a huge commission over an investing lifetime. What can I expect from a body that lets high speed traders front run my orders? Please surprise me.