As Sen. Warren, White House Ratchet Up DOL Dispute, Advisors Are Caught in a Middle

Add Senator Elizabeth Warren (D-Mass.) to a list of critics who conflict a Trump administration’s preference to oldster a Department of Labor statute on financial advisors and fiduciary duties.

This week, Warren lashed out during a White House memorandum, expelled Feb 3, that non-stop adult a probability of delaying, altering or undisguised abolishing a DOL’s fiduciary rule. Specifically, Warren objected to a Financial Services Roundtable in allegedly personification a purpose in a drafting of a White House memo.

Noting that a Roundtable represented a list of financial attention complicated hitters like Wells Fargo and Raymond James – firms that have against a DOL statute – Warren pronounced a group’s appearance in a memorandum’s recover was misguided.

“As a presidential candidate, President Trump betrothed to conflict policies that ‘have been so good for Wall Street investors… though astray to American workers,'” Warren wrote in a Feb 14 minute to a White House and a DOL. “He recently tricked that promise. It is discouraging that a boss would hindrance a common-sense order designed to strengthen middle-class investors. But we am even some-more endangered that a President might have sealed a presidential chit that was heavily shabby by attention lobbyists.”

Citing a new National Public Radio report, Warren privately objected to a fact that Francis Creighton, a Roundtable lobbyist, was “reviewing drafts and creation recommendations” on a White House memo.

“The full border of Mr. Creighton’s purpose in a drafting of President Trump’s chit is unclear, and it is also not transparent if any other lobbyists were concerned in a drafting of a memorandum, or if Mr. Creighton or other lobbyists took partial in a drafting of other Trump Administration memoranda or executive orders,” Warren wrote.

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