Political Quotes

“I still didn't hear the definition of a junk fee. You have a politician and bureaucrats in the Department of Labor restricting what commissions brokers who are in a competitive business can charge willing buyers. Again, you have government that is trying to restrict commissions on funds and annuities they can provide to savers. Currently, this compensation practice is disclosed to investors and enables brokers to charge less because of the additional compensation. The White House fact sheet does not dispute that fees may actually increase as a result of this rule. This proposal is misguided and risks creating confusion in the marketplace, unwarranted compliance expenses, and instability for retirement plans, retirees, and savers. Again, this is done voluntarily, depending on who you deal with. It is a competitive business. You have politicians who have probably never been in the workforce and bureaucrats trying to dictate what they do. Don't take my word for it. Listen to the experts who serve in the industry, who actually work in the industry. According to the American Council of Life Insurers, a fiduciary-only regulation would shut off access to important retirement tools and hurt the very people the regulation intends to help.…”