June 15, 2018
Securities and Exchange Commission
To the and Exchange Commission,
I am writing in opposition to the proposed repeal of the fiduciary requirement for investment advisors and money managers. When I seek advice on how to invest my hard-earned money to provide for my retirement, I want to know that the person at the other end truly has my best interests at heart and isn't just trying to enrich himself at my expense.
Analyses indicate that Americans are being bilked out of $12 billion annually by investment advisors who have a conflict of interest that encourages them to pursue commissions and kick-backs at the expense of their clients. This is unconscionable and must be prevented.
Therefore, I am counting on you to not sell out working Americans to the selfish interests of the banking and investment industries and make a stronger rule that closes the loophole. Americans who've worked hard to save for retirement deserve peace of mind about their financial security.
Mr. Michael Bleiweiss