department of labor
Most Democrats appear to see through the industry's cynical ploy and fully understand that it is spending these vast sums out of pure self-interest, not out of genuine concern for low- and moderate-income families. However, some Democrats want to stop the rulemaking.
Why is the United States the only developed nation without guaranteed paid family leave? U.S. law provides meager supports to enable workers to fulfill their work and family obligations, leaving matters large up to an employers' generosity. This approach doesn't work.
As "ban the box" gains more momentum, we should remember that the substance of this effort is rooted in something deeply American. It advocates for equity and justice -- giving qualified job seekers a fair opportunity. But it also suggests that the foibles of our pasts don't impair the promises of our lives.
After their decades of hard work, Americans deserve to retire with dignity and security. The proposed Department of Labor Best Interest Rule will help them do just that if we can just get it over the finish line and beat back selfish opposition coming from within parts of the financial services industry.
WHAT'S HAPPENING
Litan seeks to paint himself as the victim, but the real victim here is objective scholarship. Not to mention the millions of working families and retirees who would be left without meaningful protections when they turn to financial professionals for retirement investment advice.
Robert Litan and Hal Singer are certainly entitled to their opinions, no matter how ill-informed. And industry has every right to seek to influence regulations by hiring "experts" to help them make their case. But no one should mistake what Litan and Singer have published for actual economic analysis.
The SEC's enforcement of the fiduciary duty under the Investment Advisers Act has been long on disclosure and short on real avoidance of conflicts.
The United States is one of the few nations on the planet where paid family and medical leave or earned sick time is not the law of the land. In fact, only 12 percent of private-sector workers have access to paid family leave through their employers. Access to paid leave is particularly low among Hispanics, African Americans and low-wage workers.
A college degree is not the answer for all people. There is a need to boost vocational training for the U.S. population at large. Better worker training means better services and safety for all Americans. Labor unions like the Teamsters make it happen every day.