Saturday, February 4, 2017

Serving Who: The People or his Friends?

Yesterday, President Trump signed an Executive Order/Memorandum to relax some of the rules of Dodd-Frank, the law passed after the Great Recession that put regulations on the banking and investment sector so the chances of a  Meltdown that occurred in 2008 would be minimized. Stating that Dodd-Frank has hurt opportunities for "his friends" to secure loans, one has to wonder who is the President serving: The people or his friends. One has to ask why his friends can not obtain financing under the present statute. If they share the President's same business practices, it may not too hard to fathom.

Another rule the President is seeking to overturn is the "fiduciary rule " enacted by former President Obama last April where investment advisors are obligated to act in their client's best interests. While this is more the exception than the norm as most investment advisors realize that their reputations are based on sound business ethical advice to their clients, it is strange that the President wants to protect the view that feel serving their clients best interests is not their number one priority.

Again, the question should be asked who does the President serve: The People or his friends. No one should have to think about the answer.

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