Lawmakers Hit Brakes On Proposed Fiduciary Broker Rules

Heartland Institute discusses the DOL's proposed fiduciary rule and mentions John Berlau and his comparison of the rule to Obamacare.

“People will lose brokers and other financial professionals they rely on, just as they lost health plans under Obamacare,” Berlau said. “The big reason is that Obama officials themselves are the ones invoking medical analogies. Like Secretary of Labor Thomas Perez told reporters, ‘you don't want your doctor telling you what's suitable for you; you want that doctor to tell you what's best for you.’

“Perez doesn't seem to get something informed patients and investors know well: that there is not one answer of what is ‘best for you,’ in either medicine or retirement saving,” Berlau said. “Savers should have the freedom to weigh the potential risk and return of various investment plans. It's not the job of the DOL or any government agency to be our parent and protect us from our own judgment.