Congress Votes to Block New Broker Regulations

The Heartland Institute discusses the fiduciary rule with Senior Fellow John Berlau. 

John Berlau, a senior fellow at the Competitive Enterprise Institute, says the fiduciary rule answers a question no one was asking.

“The rule is a solution to a non-problem,” Berlau said. “There already are penalties for fraud.”

Berlau says all financial advice has potential problems consumers should consider, regardless of regulations governing the people giving it.

“Whether advice is ‘bad’ is in the eye of the beholder, and individual savers should decide what is in their own best interest, rather than the government deciding it for them, as it would do under this rule,” Berlau said. “No financial advice is perfect, as no one can predict what investments will do in the future.”

Read the full article at The Heartland Institute.