Donald Trump talked a big game on the campaign trail about standing up to big corporations and putting the interests of hardworking Americans first.

But as president, Trump has repeatedly broken his promises – and now, he’s dealing a blow to Americans saving for retirement.

In February, he set in motion a process to kill a common-sense rule that would keep financial advisers from siphoning off money from the clients who trust them. Right now, predatory financial advice cheats investors out of about $17 billion every single year. Under the new rule, that money would stay with the customers.

This new consumer protection, also known as the “fiduciary rule,” was slated to take effect today, but President Trump has delayed it for 60 days – and may kill the rule altogether. The rule would require financial advisers to act in their customers’ best interest ― not in their own interest or in the interest of their investment firm. Just like doctors take an oath to act in the best interest of their patient’s and lawyers take an oath to act in the best interests of their clients, financial advisers responsible for protecting the long-term financial health of Americans should be required to follow a high standard of care.

Before this rule existed, financial advisers could recommend products whose sales generated bonuses, commissions, or prizes for the advisers, but that could cost their clients significantly more in higher fees.

Full Content: Huffington Post