"The Good Guys"
Yesterday, for those tracking Wall Street reform on the Senate floor, I posted a list of likely lobbyist loopholes designed to weaken the bill. While we continue to keep a watchful eye out for those amendments, fortunately, lobbyists aren’t the only ones paying attention to Wall Street reform. There are also Senators and consumer advocates fighting for ways to strengthen the legislation.
While attention is appropriately focused on some of the major points of debate around the bill, we wanted to highlight today a few simple, straightforward improvements that would further strengthen an already strong bill and really help American families. We’ll call them the “Good Guys". Let’s hope they prevail over the "Lobbyist Loopholes" as the debate moves forward.
Investment Advice by Any Other Name. Today, investment advisors have a fiduciary duty to their clients – that is, they are legally obligated to act in their client’s best interest. But brokers offering investment advice have no such obligation. Why does that make sense? Well… it doesn’t. If you’re a retiree managing your savings, or a family saving for college, you should be able to trust that the person giving you investment advice has your best interests at heart –whether that person is called a broker or an investment advisor. It’s that simple.
Serving Those Who Serve Our Country. As unconscionable as it seems, American military service-members and their families are often the targets of unscrupulous lenders. In particular, recently enlisted soldiers and sailors who have their first steady paycheck can be lured into easy credit offers. And there are also many experienced military families struggling with daily expenses such as child care and medical bills in the face of deployments and frequent moves. To help ensure that we properly serve those who serve, we strongly support the creation of an Office of Military Liaison within the Bureau of Consumer Financial Protection.
Lots of Ways to Make a Living. Not everyone works the same hours or earns the same amount of money throughout the year
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