THE Trump administration recently announced that it intends to review, and presumably overturn, the Obama-era fiduciary duty rule that is scheduled to take effect in April. The administration’s case was articulated by Gary Cohn, the new director of the National Economic Council.
Mr. Cohn, most recently the president of Goldman Sachs, called it “a bad rule” and likened it to “putting only healthy food on the menu, because unhealthy food tastes good but you still shouldn’t eat it because you might die younger.” Comparing healthy and unhealthy food to healthy and unhealthy investments is an interesting analogy.
You’ve heard enough from me about this. Hit the jump above to hear what one of the wisest men in the investment industry has to say.
Also, from a 401(k) expert’s perspective, don’t miss what my colleague Dan McConlogue is saying on the topic today.