The Department of Labor’s Fiduciary Rule for Dummies (But Not the Dummies They Think We Are)

The Department of labor’s (DOL) needlessly complex “fiduciary rule” is now being reviewed at the Office of Management and Budget and is soon to become a final rule. Given the language in the rule, DOL may well believe it was drafting a “fiduciary rule for dummies,” because it expresses doubt that savers can make wise investment choices in their 401(k)s and individual retirement accounts. In the proposed fiduciary rule it issued last April, DOL proclaims that individuals cannot “prudently manage retirement assets on their own,” and that they “generally cannot distinguish good advice, or even good investments results, from bad.”

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