Government Shutdown Talks May Gut Retirement Security Rule

How in any world, can someone justify an investment manager investing a pension fund or retiree accounts using their own firm’s best interests as the key determinant in their financial planning decisions? The entire reasoning behind hiring an investment manager is because you want an “expert” to work on your behalf, not on their firms. Moreover I just read that many municipalities and other public employers will no longer allow their retirees and pension holders to view how their funds are being managed; the finance industry is using financial “proprietary” laws to keep their fees and management strategies secret. We need complete transparency from our politicians, our financial sector, any entity that uses our tax dollars and our discretionary income for whatever reason; there is never a good enough reason for secrecy; that is how shenanigans and hanky panky arise. The Department of Labor and the S.E.C are representing two separate interests; the S.E.C should be regulating Wall Street instead of concerning itself with how the Department of Labor wants to protect the interests of retirees. We should not let the Democrats off the hook on this one; we need to have someone in power on our side. The other side (Wall Street and the Big Banks) simply has too much power both politically and financially.
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