Fiduciary Trust

A friend has asked me to weigh in on the Trump administration’s table-setting to roll back financial regulations including Dodd-Frank. That’s a natural ask, since I’m an econ nerd with family members in financial services – but I think it would be pointless to go through the proposed changes and how dangerous they could be, because the other side will come back with the same thing they always do: “This is complicated, and we’re the only people who can understand it. Trust us bank-running rich guys, the best and the brightest.”

So all I’ll say is: Do you trust them?

Do you trust that Donald “Emoluments” Trump, corporate raider Carl Icahn, and a cadre of profit-seeking Goldman Sachs execs are going to write rules to better protect you, the consumer? Do you trust that a guy who doesn’t pay taxes and won’t release his tax returns is going to strengthen oversight? Do you think the same men who want to cut government services to all of us to cut taxes for the 1% are looking out for the economic health of your family?

It’s not my job to convince you a cabinet of billionaires is out to rob you. It’s on them to convince you they’re not.

And “my already-indebted ultra-rich friends can’t get super-cheap loans anymore” isn’t persuasive. Especially coming from someone whose debt looks like this:

Donald Trump’s businesses owe $1.8bn to more than 150 different institutions, new study suggests” by Ben Kentish, The Independent

and this is how killing the fiduciary rule could affect you:

Trump Wants to Kill the Fiduciary Rule. Here’s Why That’s a Big Deal for Retirement Savers” by Megan Leonhardt, Time