Senate Democrats urge Obama to rework financial adviser rule

The Hill reports:

Eight Democratic members of the Senate Finance Committee are raising concerns over President Obama's proposed regulations on financial advisers, saying they could hurt low- and middle-income Americans' access to financial advice.

In a letter sent Friday to Department of Labor (DOL) Secretary Thomas Perez, the lawmakers urged him to make changes to the regulatory proposal.

"It is critical that the final rule be operational and one that in practice is useable," the lawmakers wrote. "We also believe that it is important that any guidance enhance and not diminish savings opportunities for small businesses and moderate income families."


Democratic Sens. Ron Wyden (Ore.); Debbie Stabenow (Mich.); Robert Menendez (N.J.); Tom Carper (Del.); Ben Cardin (Md.); Michael Bennett (Colo.); Bob Casey, Jr. (Pa.); and Mark Warner (Va.) signed the letter.

The struggle against the Obama regime.