If you don't think overtime compliance is a pressing issue for your company, you might want to reconsider. As it turns out, taking overtime for granted is a luxury that not even the US Department of Labor (DOL) itself can afford, according to its recent $7M settlement.
Without a single Committee Democrat voicing support, the House Education and the Workforce Committee reported out two bills that purport to require all financial professionals to act in the best interests of their customers when providing retirement investment advice.
The senator is fighting back against special perks that can encourage financial advisers to push clients into bad investments.
In 1873, when Mark Twain and Charles Dudley Warner published their book, The Gilded Age, they satirized the greed, political corruption, and skewed distribution of wealth that pervaded the United States at the time.
DOL thinks it isn't enough to give lip service to a best interest standard. You also have to change the common industry practices that work against that goal. And that, of course, is why industry finds the DOL rule so threatening.
All legally married couples, whether opposite-sex or same-sex, or married under common law have consistent access to family leave rights under the FMLA. The Department of Labor estimates this change will result in more than 8,000 additional instances of FMLA leave.
In an increasingly frantic effort to derail new protections for retirement savers, SIFMA, the self-described "voice of the U.S. securities industry," has purchased yet another study that purports to show why a pending Department of Labor (DOL) proposal to require all financial advisors to put their customers first is unnecessary and inappropriate.
If a contest for the most Orwellian bill title were held, Rep. Ann Wagner's newly reintroduced "Retail Investor Protection Act" would be a serious contender. Despite its title, this legislation has nothing to do with protecting retail investors.
We're not suggesting that everyone who gives retirement investment advice is taking advantage of their clients, since many advisers do act in their client's best interest. But, because the law does not require them to do so, far too many do not. That's why the President's recent action is so important.
In addition to shedding crocodile tears over the potential harm to middle-income savers if brokers have to start acting in their customers' best interests, financial services firms and their lobbyists have increasingly voiced their outrage that the Department of Labor believes it has a role to play in regulating retirement advice.