– “The Depp Conundrum: Who Should Keep Tabs on the Money?,” The New York Times online, Jan. 31, 2017, Charles Duhigg, 1/31/2017
401K/OBAMA/FIDUCIARY RULES: "In 2015, President Barack Obama asked the federal government to force most of the nation’s financial advisers — those people who tell us which stocks to buy for our 401(k)’s — to abide by what’s known as the fiduciary standard, a set of rules that would require advisers to give their clients the best possible advice (rather than, say, advice that pays those advisers the highest fees). 'It’s a very simple principle,' Mr. Obama said at the time. 'You want to give financial advice, you’ve got to put your client’s interests first.'
When Donald J. Trump was elected president, the new fiduciary rules weren’t complete, and now some of his advisers are urging him to freeze or overturn them. The fiduciary rule might be 'the dumbest decision to come out of the U.S. government in the last 50 to 60 years,' Anthony Scaramucci, an investment manager and newly appointed White House official, said at a conference, vowing to 'repeal it as soon as we can.' Republicans in Congress have introduced legislation to kill the rules."