Service, im sorry, fidelity, but 50,000 which is i believe relatively small balance all in concert twice and product under 50 basis points. Can i jump in wax i think the best interest contract is simple. Its just a thing make promise to clients youre putting their best interest first, develop policies to make sure your monitor your employees and be accountable if you did not do that. This 400 pages of proposed regulation are proposed regulation. The department did not comport think this is the point and this is what we are doing. They invited extensive on every piece of the regulation and the exemption in the best interest contract. It was remarkable to me when working on this to see a much they dont have in common. Everyone is trying to get people to save more for retirement. The decisions are complicated. Its on us to manage our Retirement Savings. The goal here is for people to come forward from all sides all perspectives until the department how do you make this more workable . How
Major talk of parents, to respect policemen when Police Stopped them. I think it is very necessary for us to talk about parents while we talk about police. [indiscernible] host willy bringing up what we heard from the last couple of viewers, that there is a societal role here as well. If you want to look at more at the Marshall Projects work, you can go to the marshallproject. Org. You can follow them on twitter. Simone weichselbaum is a staff writer for them. Thank you for talking to the viewers about your work. Appreciate your time this morning. Guest thanks for having me. Host that does it for todays washington journal. We are going to bring you now to the Labor Department. They have recently called for new Consumer Protections. Jeffrey science is a keynote speaker today Jeffrey Zients is a keynote speaker today. He will be talking about regulation of retirement Financial Advisors. Live coverage here on cspan. [captions Copyright National cable satellite corp. 2015] [captioning perf
One issue is even if there are no abuses the industry cannot handle having a best interest standard applied to these recommendations. Thats what the dol is doing. Its almost the standard that is applied to broker dealers under the suitability standard. The recommendation must be consistent and you look under the hood and it turns out these are some of the worst violations that you can find. In one case the court said this was egregious misconduct. These are cases if many if not most broker deals. The unsuitable recommendations are accompanied by other Violations Including failure to supervise, churning, misrepresentations or omissions and unauthorized trading. The suitability standard works. Lets not make believe that its actually serving clients best interest. Youve said the current rules support a race to the bottom. Why do you think they support a race to the bottom currently . I think hearing the panelist discuss all the legalese involved here its a well documented fact that its ve
This, 95 to 100 , with great reason. Mr. Cooper. Thank you, mr. Chairman. I admire you, gentlemen, for your service to the nation and your work particularly since you are having to operate an irrational budget environment. Almost none of your predecessors have ever had to do that. When we have a house of representatives that refuses to even open discussions with the senate on a budget for america. Our media environment, many folks back home are unaware of this. Theyre mad at congress in general. They dont understand that one house of congress is unwilling to talk to another house of congress about having a budget for america. Somehow we have gotten in our heads especially the younger members its okay for the house to have a budget and senate to have a separate budget. Never the two shall meet. Were supposed to have a budget for america. This committee and markup of it my amendment voted overwhelmingly by voice to give the pentagon flexibility to address the mo defensing need. When a re
Good morning, rosemary. Good morning, to you. Its friday. Everybody has smiles on their face and a warmup coming their way. This morning we are waking up with low clouds, patchy drizzle, and fog. Sound familiar . But by the afternoon temperatures will be turning just a bit warmer. This is the start of a warmup as we get into your weekend. We will see a bigger warmup especially by sunday. But along the coastline for today low 60s expected. 70 degrees right around the bay and low 80s for some of our warmer locations. A little breezy through the delta this afternoon. The afternoon sea breeze will be back. Good morning, sal. Good morning. Right now highway 4 looks pretty good coming up to the willow pass grade. There are no major problems. 5 01 lets go back to the desk. We have developing news in vallejo. Police have searched a three square mile air during the night for a missing oakland woman. This after Police Identified a man named randy ray ran that as a person alana as a person of int