Weekly Address: Ensuring Hardworking Americans Retire with Dignity
Source: White House
In this weeks address, the President reiterated his commitment to middle-class economics, and to ensuring that all hardworking Americans get the secure and dignified retirement they deserve.
While most financial advisers prioritize their clients futures, there are some who direct their clients towards bad investments in return for back-door payments and hidden fees. Thats why, earlier this week, the President announced that he is calling on the Department of Labor to update rules to protect families from conflicts of interest by requiring financial advisers to put their clients best interest before their own profits.
The President emphasized his promise to keep fighting for this policy and for others that benefit millions of working and middle-class Americans.
Read more: http://www.whitehouse.gov/blog/2015/02/28/weekly-address-ensuring-hardworking-americans-retire-dignity
http://www.whitehouse.gov/the-press-office/2015/02/28/weekly-address-ensuring-hardworking-americans-retire-dignity
(snip)
Six years after the crisis that shook a lot of peoples faith in a secure retirement, our economy is steadily growing. Last year was the best year for job growth since the 1990s. All told, over the past five years, the private sector has added nearly 12 million new jobs. And since I took office, the stock market has more than doubled, replenishing the 401(k)s of millions of families.
But while weve come a long way, weve got more work to do to make sure that our recovery reaches more Americans, not just those at the top. Thats what middle-class economics is all aboutthe idea that this country does best when everyone gets their fair shot, everybody does their fair share, and everyone plays by the same set of rules.
That last partmaking sure everyone plays by the same set of rulesis why we passed historic Wall Street Reform and a Credit Card Bill of Rights. Its why we created a new consumer watchdog agency. And its why were taking new action to protect hardworking families retirement security. If youre working hard and putting away money, you should have the peace of mind that the financial advice youre getting is sound and that your investments are protected.
But right now, there are no rules of the road. Many financial advisers put their clients interest first but some financial advisers get backdoor payments and hidden fees in exchange for steering people into bad investments. All told, bad advice that results from these conflicts of interest costs middle-class and working families about $17 billion every year.
This week, I called on the Department of Labor to change that to update the rules and require that retirement advisers put the best interests of their clients above their own financial interests. Middle-class families cannot afford to lose their hard earned savings after a lifetime of work. They deserve to be treated with fairness and respect. And thats what this rule would do.
While many financial advisers support these basic safeguards to prevent abuse, I know some special interests will fight this with everything theyve got. But while we welcome different perspectives and ideas on how to move forward, what I wont accept is the notion that theres nothing we can do to make sure that hard-working, responsible Americans who scrimp and save can retire with security and dignity.
more at link
BumRushDaShow
(129,642 posts)Listened this morning. Am hoping more of these types of loopholes can get closed. I would hope the CFPB can kick it up some notches too...
A Simple Game
(9,214 posts)a necessity for the word Americans? What about the people that don't have physically hard jobs, mentally hard jobs, dangerous jobs? What about the disabled, mentally and physically? Are they all less deserving?
And don't get me started on the use of "homeland" sounding as if we are a bunch of Nazis!
cstanleytech
(26,332 posts)because if they did care SSI would pay more than below poverty level.
A Simple Game
(9,214 posts)woo me with science
(32,139 posts)Our identity is to be "hardworking," to be rats in the corporate wheel. Our entire existence is to be centered around making profit for the One Percent.
You are absolutely right. We are human beings with a short time on this earth. We deserve to create governments that serve us, not the other way around, and that are created with the intention of helping us maximize our short time on this earth...our connections with the earth, with each other, with family and friends. To make the most of our very short lives.
We are not born "workers." We are born human beings, and each one of us is priceless.
It's despicable propaganda, and we should reject it.
A Simple Game
(9,214 posts)Fred Sanders
(23,946 posts)Of course a carnival in town is always entertaining, but what if it stops in town and never leaves?
No longer amusing at all.
earthside
(6,960 posts)... no cuts to Social Security. Indeed, the time has come to start talking about increasing the benefits.
Of course, breaking up the banks and letting average Americans participate in our economy would help, too.
Was that part of the message?
1StrongBlackMan
(31,849 posts)Was that part of the message?
That is, and has been, a part of the overall message ... this, pension security, is merely a micro-message.
candelista
(1,986 posts)1StrongBlackMan
(31,849 posts)candelista
(1,986 posts)That act did not advocate "breaking up the banks." It made some meek reforms in regulation, and provided a BIGGER CUSHION for the big banks. It provided for:
2.Comprehensive regulation of financial markets, including increased transparency of derivatives (bringing them onto exchanges);
3.Consumer protection reforms including a new consumer protection agency and uniform standards for "plain vanilla" products as well as strengthened investor protection;
4.Tools for financial crises, including a "resolution regime" complementing the existing Federal Deposit Insurance Corporation (FDIC) authority to allow for orderly winding down of bankrupt firms, and including a proposal that the Federal Reserve (the "Fed" receive authorization from the Treasury for extensions of credit in "unusual or exigent circumstances";
5.Various measures aimed at increasing international standards and cooperation including proposals related to improved accounting and tightened regulation of credit rating agencies.
http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act
1StrongBlackMan
(31,849 posts)candelista
(1,986 posts)"Heres how I see it. Breaking up big banks wouldnt really solve our problems, because its perfectly possible to have a financial crisis that mainly takes the form of a run on smaller institutions. In fact, thats precisely what happened in the 1930s, when most of the banks that collapsed were relatively small small enough that the Federal Reserve believed that it was O.K. to let them fail. As it turned out, the Fed was dead wrong: the wave of small-bank failures was a catastrophe for the wider economy."
---Paul Krugman, April 1, 2010, "Financial Reform 101."
http://www.nytimes.com/2010/04/02/opinion/02krugman.html?_r=0
There are many other places where he makes the same point.
cstanleytech
(26,332 posts)dollars below what the official federal poverty level is.
jwirr
(39,215 posts)"hardworking Americans". The Rs have so tarnished the idea that we take care of the needy that we cannot ever suggest that there are people who need to be cared for even if they did not work.
I am thinking in terms of all the developmentally disabled clients I have had over the years who could not hold a job outside of a sheltered workshop. And before you ask - my daughter needs hands on one-to-one in order to accomplish anything even in the sheltered workshop. She is now "retired".
MannyGoldstein
(34,589 posts)"Just don't ask me what's in it, you wouldn't understand all the big words, so it's a secret. That's why we have a rich Wall Street banker negotiating it, who Elizabeth Warren voted against, because we need Jamie's and Lloyd's the American People's best and brightest on the job."
midnight
(26,624 posts)I hope that the 29,secret, chapters of TTP that is being fast tracked will share this security and dignity too.
candelista
(1,986 posts)What's got into ya?
woo me with science
(32,139 posts)Entirely inconsistent with the development of a police state including mass spying and militarized police to keep people passive in corporate-dominated, exploitative communities like Ferguson.
Entirely inconsistent with stuffing your cabinet with corporatists, and pushing more drilling, fracking, and corporate education.
Entirely inconsistent with Hillary as a 2016 Democratic Party poster candidate.
Words versus actions. Watch what they do, not what they say.
It's time for a Bernie Sanders. It's time to end the corporate coup.
Fred Sanders
(23,946 posts)woo me with science
(32,139 posts)Do you have an actual argument about his support for TPP and all these other malignant policies, or are you just going to continue lamely pretending that he secretly, really and truly, opposes the corporate policy agenda he has been aggressively and proactively shoving down our throats?
whereisjustice
(2,941 posts)aka TPP.
whereisjustice
(2,941 posts)sounds like the language used to describe a more humane way to treat animals sent to slaughter house.
How about we retire with the wealth and income that we earned by being paid good benefits and wages?
Oh wait, TPP.
Damn.