Insurance lobbyists block federal crackdown on costly retirement advice
The financial services industry has blocked the Biden administration from requiring brokers to put retirees’ needs first — above lucrative commissions.
Better title - "Politicians work with insurance industry to stop a block to unethical profits."
Even more accurate: regulatory capture and general corruption wins again
TL;DR
The lobbying group ACLI — whose board of directors includes executives from Prudential, Lincoln Financial and New York Life
These companies are bribing your congressmen to be able to lie to you and steal your money.
Such fucking bullshit.
the government aims to ensure that financial advisers “give advice that’s prudent, that’s loyal, that doesn’t invite overcharges, and doesn’t involve lying to people,” said Timothy D. Hauser, the deputy assistant secretary for program operations of the Employee Benefits Security Administration, part of the Labor Department.
FACC — argued that the rules would be “potentially devastating for the insurance industry
That tracks...