Oil Company Transparency Rule Repeal
Saying, "We're bringing back jobs big league," Trump signed a bill repealing a Securities and Exchange Commission (SEC) rule written under the 2010 Dodd-Frank financial reform law. The rule required oil companies to disclose if they are bribing dictators who steal form their country.
The Hill reports on this, in Trump signs repeal of transparency rule for oil companies...
"The legislation is the first time in 16 years that the Congressional Review Act (CRA) has been used to repeal a regulation, and only the second time in the two decades that act has been law.
"[The CRA] was meant to fight corruption in resource-rich countries by mandating that companies on United States stock exchanges disclose the royalties and other payments that oil, natural gas, coal and mineral companies make to governments."
THIS was the priority of the Republican congress.
Retirement Advice Fiduciary Rule
When people ask financial advisers and brokers for retirement advice they get sold high-priced "products" that do not benefit them, but benefit the financial advisers and brokers a lot. (For more on this phenomenon, read Motley Fool's Where are all the customer's yachts?)
These scams siphon an estimated $17 billion a year from the retirement accounts of working people.
So Obama's Labor Department staff (after waiting years and years) wrote a rule requiring these advisers and brokers to act in their clients' best interest. The Washington Post explained the new rule last year, in Labor Department rule sets new standards for retirement advice,
"The Labor Department announced sweeping rules Wednesday that could transform the financial advice given to people saving for retirement by requiring brokers and advisers to put their clients' interests first.
"The long-awaited 'fiduciary rule' would create a new standard for brokers and advisers that is stricter than current regulations, which only require that brokers recommend products that are 'suitable,' even if it may not be the investor's best option."
For obvious reasons ($17 billion swiped from working people each year) Wall Streeters didn't like the new rule one bit. They put a ton of money into killing it. And now Trump is gutting the rule.
This is the classic way people get fucked by a rigged system. Trump is giving Wall Street the freedom to go back to screwing people.
Here is the Google link to a fact sheet on the rule. Click it to see how your government works for you in the Trump era: Fact Sheet: DOL Finalizes Rule to Address Conflicts of Interest...
This Is Who They Are
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