Biden to Announce Retirement Savings Safeguards

[cal04]

Source: Associated Press

The Obama administration on Friday is proposing regulations aimed at protecting workers' retirement savings.

The safeguards would protect workers from conflicts of interest in their dealings with financial advisers who manage their 401(k)s and individual retirement accounts, an administration official said, speaking on condition of anonymity because the proposal had not yet been formally announced.

Retirement investment advisers and money managers would only be allowed to give investment advice if that guidance were based on objective computer models certified by independent experts. Investment advisers would also be barred from steering workers into funds they are affiliated with or from which they are receiving a commission.


Vice President Joe Biden was to announce the proposal during a meeting of the White House Middle Class Task Force. Retirement security is among the task force objectives.

Read more: http://abcnews.go.com/Business/wireStory?id=9951882

[Demeter]

1. Thanks But I've Had Enough of Obama Administration's "Protections"

which provide protection only for wealthy crooks and war criminals and screws over the ordinary citizens of this land, shipping out jobs, cutting protections and throwing people out on the streets.

[saigon68]

2. Looks more like the Chimp's 3rd term with Draft Dodger Cheney advising

[proudohioan]

3. I hear you there!

I was hoping that this OP was about protecting actual WORKER'S pension funds; you know, the kinds that had been raided and depleted in the not so distant past......

Honestly, what does "middle class" mean to these people?

[abelenkpe]

4. That would be nice wouldn't it? nt

[abelenkpe]

5. I dunno

I think it would be nice to stop investment advisers from selling stuff they get commissions from or funds they themselves are managing. What about that is screwing over ordinary citizens?

[Iowa]

11. It's a tiny positive...

I think the criticism you're seeing in this thread has more to do with Obama's tendency to propose minuscule, status-quo protecting tweaks to a system that is so fucked up that a fundamental overhaul is required.

Obama's larger initiatives are almost always designed to prop-up the status-quo, with the only beneficiaries being the MIC, bankers, corps, and the plutocracy in general. But when it comes to the needs of regular working citizens, we see a lot of hand-wringing about costs, followed by proposals that are so tiny in scope that they are largely meaningless, like the one described in this thread.

[icee]

8. Hallilujah. People are finally starting to see the light.

[MannyGoldstein]

6. Why Do They Bother To Announce this Stuff?

Like the vaunted Volcker Plan to reign in banks, trotted out after Scott Brown's election to the Senate, this well drop into a black hole.

[Dr.Phool]

7. The Senator from MBNA.

A "Middle Class Task Force". That sounds like a weapon to be used against us.

[Waiting For Everyman]

9. Closing the barn door after the horse is gone. n/t

[jody]

10. Who will pay for "protecting workers' retirement savings"? Certainly not unemployed/underemployed

and those with jobs already have more debt than they can ever pay off.

Only the Blue Wizard can implement Obama's policies.