Posted on 02/26/2010 5:11:27 AM PST by SonOfDarkSkies
Vice President Joe Biden plans to unveil proposed new regulations Friday aimed at helping protect workers' retirement savings, an initiative spearheaded by the White House's Middle Class Task Force.
A White House official said the proposed new rules will shield workers from potential conflicts of interest related to financial advisers. Under the plan, retirement investment advisers and money managers may give investment advice only if they don't get a commission for steering workers into funds with which they are affiliated, or if their advice is based on an objective computer model certified to be unbiased by independent experts, the official said.
(Excerpt) Read more at online.wsj.com ...
Coming from this Administration, it will certainly be cover for a ulterior motive!
What I’d like to see is a bill that stops nobama and his minions from (a) destroying the economy (b) creating hyperinflation and (c)undermining free enterprise. these marxist thugs creep me out.
“Coming from this Administration, it will certainly be cover for a ulterior motive!”
you are absolutely right! see post/article about 401k/IRAs
below:
http://www.freerepublic.com/focus/f-news/2459654/posts
“Protect” retirement savings, indeed. This is the first move in the BO administration’s plan to seize your 401(K) accounts. See
http://209.157.64.200/focus/news/2453735/posts?page=32
http://freerepublic.com/focus/f-news/2102082/posts
In order to accomplish this, all private retirement accounts will be appropriated and put in the same lock box with Social Security funds :-)
You wouldn't be alluding to the Progressive's plan to confiscate 401k's and IRA's now would you?
This is simply a stage on the path to redistributing your retirement savings.
I thought a bill that becomes law is, by it’s wording, something that, being targeted to XYZ, doesn’t NEED any asdditional ‘protection(s) ?
WHO IS GOING TO PROTECT IT FROM YOU?
I would like a law that stopped congress critters from voting on bills that benefit their investments.
RUH ROH........................
As a financial advisor and a money manager for 30 years I see this as creating chaos in the investment industry. This is a setup to begin the process of a government takeover of retirement accounts. After all, I also receive a commission if I recommend stock or bonds, not just funds. I also receive a management fee in lieu of commissions for certain accounts. This is a nightmare waiting to happen.
a computer model, that no doubt, will encourage purchase of T-bonds!!!!
Keep your grimy paws off our retirement accounts, Slow Joe. Go do something useful, for a change: shut your mouth.
They are going to try to take away the last remaining middle class source of wealth—the savings of those who played by the rules and worked hard. They will have to try this—they have burned through everything else.
Will the pubbies let themselves be bought off (by dangling a share of the newfound gubmint wealth over which the Congesscritters would then reign) or will they stand up and protect us?
Even having to ask that question indicates how dire the situation is.
Votem Out.
“a computer model, that no doubt, will encourage purchase of T-bonds!!!!”
What if they held an auction....and nobody came?
http://www.freerepublic.com/focus/f-news/2450230/posts
The original hearings back in 2008 included discussions of using the 401k plan funds to make social security solvent. This is nothing but plain theft to kick the can down the road for the next administration to deal with. I now believe that the people in this admin are wrecking our ecomony on purpose in order to grab as much power as possible. This is a Constitutional violation, taking personal property for the public good. Another Keloh case. But oops I forgot, they blew off the Constitution when they put obama on the ballot.
I’m an employee benefits lawyer and I smell a rat.
How many hundreds of pages will THIS legislation require? Health care is up to, what, 2700 pages now?
But whatever its size, you can bet Obama and Co. will be in a great hurry to get this bill written, passed, and signed into law.
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