There are three members of the House of Representatives from Nevada who, as of April 28, 2016 at 3:23 pm roll call vote #176, don’t get to talk about protecting retired persons, and their interests. One of these members is Mark Amodei (R-NV2) who decided to vote “yes” on a House temper tantrum about Department of Labor rules on fiduciary duty.
Representative Joe Heck (R-NV3) is the second. Congressman Heck decided that investment advisers should be allowed to put their own interests ahead of the interests of their retirement account clients. Perhaps he’s touting the GOP line that making the investment advisers put clients’ interests ahead of their own profits would mean higher costs for investment advice. The GOP says they want to “protect access to affordable retirement advice.” If you are inclined to believe this I have some investment advice for you….free of charge.
And, the third one who doesn’t get to talk about protecting retirees? Nevada 4th District Mr. Malaprop, Cresent Leo Hardy, Republican from Mesquite. He seems to like the “old standard,” and this raises the question why? Let’s take a look at the “old standard:”
“Before the new standard, advisers were only required to give “suitable” advice, which left the door open for them to steer clients into products that made the advisers more money but weren’t the best option. That practice was costing Americans an estimated $17 billion a year in conflicted advice, according to the White House. Some people say their finances, particularly their chances of retiring comfortably, have been destroyed by bad advice and that they would have simply been better off without it.” [TP]
Yes, we have it, Representative Hardy evidently believes that it is better for Americans to waste $17 billion per year on conflicted investment advice than to hold advisers to a higher standard of fiduciary responsibility.
One, that would be ONE member of the Nevada congressional delegation voted to hold financial advisers to a higher standard than “just what will best line the pockets of their firms.” Representative Dina Titus (D-NV1) was the lone member among the delegation to vote against the GOP sell out to the financial and banking industry.
Thus, the next time one of the three Republicans blather on about how they want to protect senior citizens and retirees – We can smile and say “But what about HJ Res 88 on April 28, 2016 at 3:23 pm.”