Many industries were harmed during the Obama administration. He claimed he wanted to help Americans. Instead, he passed crippling regulation that harmed small businesses.
He did this time and again, through executive orders and bogus legislation. But at least one of his toxic policies is finally being overturned. And it will affect millions of retirees and investors.
From Daily Caller:
The Fifth Circuit Court of Appeals killed an Obama-era regulation mandating federal oversight of the relationship between retirement account advisers and their clients.
The court voted 2-1 March 15 to throw out the Department of Labor’s Fiduciary Rule, ruling the regulation was “an arbitrary and capricious exercise of administrative power.” The case could possibly go on to the Supreme Court, according to Investopedia.
The now-vacated law favored large-scale investors by encouraging fee-based services over commission based, the court said, according to The Washington Free Beacon…
The law was meant to push retirement advisers to place the client’s interest above their own but consequently would have increased the cost of financial advisers and pushed small-scale professionals out of the market, according to a Chamber of Commerce report.
What do you know? An Obama-era rule that hurt small businesses. These rules would have driven small guys out of business. Much like his banking regulation. Big, powerful, corrupt institutions? Oh, they would have been fine.
These are the same institutions that are buddies with the Democratic Party. Hmm…there might be a coincidence.
Yesterday we revealed that Obama attacked industries to help his buddies. He passed strict regulation that damaged the value of major companies. Then his friends would swoop in and buy out the companies for a fraction of their worth. Talk about corruption.
No doubt this was another attempt at doing the same. Obama abused government regulation to literally destroy the economy. Donors, globalists, and foreign interests would make out like bandits. Regular American citizens? We’d suffer through lost jobs, wages, and investments.
Don’t be fooled: these regulations would not have protected clients. They would have driven smaller, more honest advisers out of business. Leaving Americans with only big companies to work with. You think a big company cares about the little guy? Think again.
Just like banking and Net Neutrality, Obama was destroying major industries for his own benefit. Under Trump, that era of corruption and evil is finally coming to an end.
Be sure to spread the word about this. More Americans need to know the kind of crooks that work inside the Democratic Party.