Last week, the Obama Administration’s Department of Labor issued regulations that require financial advisors to place the interests of their clients ahead of that of their financial industry employers.
Congressman Scott Garrett didn’t like that very much.
This from the Star Ledger:
“Of course, the new rules were met with immediate hostility from people like Rep. Scott Garrett (NJ-5th), who never met a consumer protection regulation he liked, and whose bread is slathered by contributions from the financial industry. That's the same congressman who tried to kill the Consumer Financial Protection Board in its crib in 2010, while gutting the budgets of every regulatory agency that his committee oversees.”
“He seems to think that investment industry is dedicated to improving middle-class economic fortunes - which is a knee-slapper, particularly with Goldman Sachs paying $5 billion in fines last week for misleading its investors.”