Western Journalism reports on the Department of Labor's fiduciary rule and highlights John Berlau's study on the proposed rule.
In a study by the Competitive Enterprise Institute, author John Burlau writes, “I believe it would be a violation of the First Amendment and I think the Founding Fathers would think it would be a violation, but it could take years to decide this in court… I hope this wakes up members of Congress in both parties.”
The report continued, “Under the proposed regulation, investment advice from a radio host to a caller regarding the caller’s own investment issues would appear to be fiduciary advice if the advice addresses specific investments.”
“It is government paternalism, people can’t make their own choices and if you like your broker you may not be able to keep them,” said Berlau, comparing the new rule to Obamacare.
According to Berlau, this wouldn’t just be bad for financial gurus and advisers, but also bad for the general public.
Read the full article at Western Journalism.