A lone bureaucrat has been fighting the financial industry for years, on an issue that stands at the intersection of two national challenges: investment regulation and retirement security. Along the way she’s collected some new and interesting allies. Is that a sign of things to come?

Phyllis Borzi is Assistant Labor Secretary for Employee Benefits Security. By background she is an attorney, a professor and an expert on retirement issues and employee benefits. When she was the pension and employee benefits counsel for a House subcommittee, Borzi became known as the “mother of COBRA.” That’s the provision that promotes the continuation of employer-based health care coverage when employment ends.

Borzi has been fighting to extend something called the “fiduciary rule” to every financial advisor who handles retirement accounts, requiring them to act in the best interests of their clients. That’s a change from the current regulatory situation. As Robert Hiltonsmith of Demos told The Huffington Post, advisors currently “work in their firms’ best interest, which is not yours.”

Continue reading:  http://ourfuture.org/20150224/a-new-rule-and-a-brave-official-gain-allies-against-wall-street

Further reading:

Obama woos Warren wing with anti-Wall Street push

Obama picks a fight with Wall Street banks

Related story:

A Student-Debt Revolt Begins

One thought on “A New Rule, and a Brave Official, Gain Allies Against Wall Street

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s