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Six Years After Dodd–Frank, a Lot of What Occurs on Wall Street Is Nothing More Than Gambling

Photo by thenalls/Flickr

Six years ago this week, hundreds of people gathered in Washington to watch President Barack Obama sign into law the Dodd–Frank Wall Street Reform and Consumer Protection Act. On that day there was a hope that its passage marked the beginning of a new phase in Washington’s approach to Wall Street regulation.

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Tell the Department of Labor to Stop Wall Street from Draining Your Retirement Account

Tell the Department of Labor to Stop Wall Street from Draining Your Retirement Account

When you pay a financial adviser to help you invest your hard-earned retirement savings, you would assume that they would be required, by law, to have your best interests at heart. But because of loopholes in the rules, advisers can get away with not only putting their own financial interests above that of their clients, but also allows them to take incentives from Wall Street firms to recommend investments that drain funds from ordinary Americans’ retirement accounts through hidden fees and lower returns. The White House Council of Economic Advisers says this costs us $17 billion a year.

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White House Moves to Close Retirement Advice Loophole

White House Moves to Close Retirement Advice Loophole

The Obama administration today took the first step to close a loophole in the rules that govern Wall Street brokers and financial firms that provide retirement investment advice. That loophole can drain away thousands, or even tens of thousands, of dollars of hard-earned savings from a single retirement account.

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Time to Close Wall Street’s ‘Retirement Advice Loophole’

Alliance for Retired Americans photo

There is a loophole in the rules that govern Wall Street brokers and financial firms that provide retirement investment advice that can drain away thousands, or even tens of thousands, of dollars of hard-earned savings from a single retirement account. Today, a coalition of senior, union and consumer groups launched a new website—SaveOurRetirement.org—to mobilize support to close the “Retirement Advice Loophole” through a new rule the U.S. Department of Labor is trying to adopt.

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Trying to Understand What Makes Sense

Two boys at the Detroit Water Rally held July 18, 2014. Photo courtesy of National Nurses United.

Last month, a United Nations panel held that cutting off water to Detroit residents suffering from high unemployment rates and low incomes, leaving them unable to afford their water bills, was a violation of basic human rights. This past weekend, actor Mark Ruffalo and Rep. John Conyers (D-Mich.) joined close to a thousand protesters in a march organized by National Nurses United from Detroit’s Cobo Center to Hart Plaza. The chants of the crowd included “We got sold out, banks got bailed out." And there were renewed calls for a financial transaction tax, commonly referred to as a “Robin Hood tax.”

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Feds Home In on Senior Republican Staffer as Possible Source of Insider Trading Leak

Recent court filings by the U.S. Securities and Exchange Commission suggest that Brian Sutter, the staff director of the House Ways and Means Subcommittee on Health, could have been the source of inside information on changes in health care policy that led to illegal insider trading.

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