Republicans loudly proclaim that they are the party of the workers and senior citizens. Unfortunately, their actions clearly demonstrate otherwise. Case in point:
On April 23, 2024 the U.S. Department of Labor finalized the Biden-Harris proposed Retirement Security Rule to protect the retirement savings of workers and retirees who rely on professional investment advisors . The updated rule is to take effect on Sept. 23, 2024. This rule requires investment advisors to give “prudent, loyal, honest advisement free of overcharges.” These financial advisors must adhere to high standards when making investment recommendations and must avoid any which favor the advisor’s interests at the expense of the saver. In other words, fiduciaries may not recommend investments that result in their collecting unnecessary or excessive fees.
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