Political Quotes

“This is a study in unintended consequences. This body determined that they wanted to have more oversight over people that are called broker-dealers of investment funds. They would be handled the exact same way as investment advisers that handle high- end, large investments from wealthy individuals across the country. So the two are trying to be merged together. The Department of Labor and SEC are both trying to come up with their own version of a set of rules. Here is the unintended consequence that is coming at America: those folks on the lower end and the middle end of America are about to lose a lot of people that helped them with investment advisers. Here is how it works: Say you have a newlywed couple, just out of school, just getting started, making $26,000 a year combined, as a couple, and determine they are going to do the responsible thing. They are also going to open up a retirement account and get started thinking about decades from now. We encourage that couple to start thinking about their retirement. Would that couple making $26,000 a year, with what they are going to put into retirement--$15 a month, maybe--are they going to be attractive to an investment dealer? No, they are not going to be attracted to them. It is a very small amount; $15, $20. But one of these broker-dealers, that is what they love to do. They sign up couples just like that.…”