Best interests of working Americans being put on hold

Washington has chosen giant corporations over your family and billionaires over retirees

During his campaign, Donald Trump talked a lot about standing up for hardworking Americans and putting corporations on notice. But as president, his actions have signaled the exact opposite.

 

Every year, financial advisors cheat investors out of about $17 billion by pushing products whose sales generate bonuses, commissions and prizes for the financial advisor, but significantly higher costs and fees for the consumer.

 

A new consumer protection rule known as the "fiduciary rule" proposed by President Obama would require financial advisors to act in the best interests of their customers, not themselves or their investment firm.

 

Under the rule, working people and middle class Americans could trust that their financial advisor was working to help them and their family save for a secure retirement, not to line their own pockets.

 

And, ethical financial advisors wouldn't have to compete on an uneven playing field with unscrupulous financial advisors more interested in making a quick buck than helping their customers.

 

The fiduciary rule was supposed to take effect this week. But Trump has delayed the rule for 60 days, and has indicated he may kill it altogether.

 

Saving for retirement is difficult. Nearly one-third of American workers have no retirement savings at all.

 

Most corporations have stopped helping the hard-working employees who make them successful by ending pension plans and opting instead for bigger profits and bonuses for their CEOs.

 

Meanwhile, they've put their workers' retirement security at the mercy of Wall Street.

 

The least Washington can do is stand up for the millions of Americans facing retirement without the means to make life after work secure and dignified.

 

Many states, such as Pennsylvania, are trying to pick up the slack by introducing plans to help private-sector workers save for retirement safely and easily, but Trump and Republicans in Congress are even trying to undercut those efforts.

 

The well-connected elites running our federal government have picked the interests of corporations and industry groups over the interests of hardworking Americans.

 

Instead of standing up for working people and the middle class, Trump and Congress seem to be more focused on letting corporations and the wealthy stand on them.

 

Clearly, Washington is NOT working for you -- it has chosen giant corporations over your family and billionaires over retirees.