Retirement Advice in the Trump Era
A federal judge in Texas did President Trump a favor last week. It came in a decision in a case filed by the financial industry against the Labor Department to overturn an Obama-era regulation called the “fiduciary rule,” which requires financial advisers to put their clients’ interests first when giving advice and selling investments for retirement accounts.
The judge, Barbara Lynn, called the plaintiffs’ objections “without merit,” “unpersuasive” and “at odds with market realities.”
If Mr. Trump were smart, he’d see the judge’s decision as a warning that he chose an ill-advised course on Feb. 3, when he sided with Wall Street, and against savers and retirees, by calling for a review and possible rollback of the rule, which is slated to take effect in April. As Judge Lynn’s decision makes clear, the rule is solid, and those behind the rollback effort, which was spearheaded by Gary Cohn, Mr. Trump’s top economic adviser and, until recently, president of Goldman Sachs, would have a difficult time asserting otherwise.
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