by mk

The bill would delay a rule the Department of Labor is preparing that would require mutual-fund companies and other companies that operate retirement plans such as IRAs and 401(k)s to start working for investors and stop working for themselves.

The rule would require that trustees of retirement accounts act as a fiduciary on behalf of the investors in the plan, rather than acting in their own self interest. The SEC is working on a parallel rule that would require that brokers also act as a fiduciary on behalf of the investors they advise.

I'd like to hear the other side of this argument. I just recently started managing our own IRA, because it just didn't pass the smell test considering the annual fees.