Obama hates "for profit" financial advice, preferring . . . . .

Obama hates "for profit" financial advice,  preferring  . . . . .  random "robo-advisers"  or folks who work on a fixed fee.  Under Obama's Regime Rule,  a retiree is no longer free to choose his financial adviser if that adviser works for a commission.   

Congress wants to fix this assault on our freedom

A bipartisan group of House lawmakers is set to unveil legislation designed to completely eclipse a proposed Department of Labor (DOL) rule they feel alienates small businesses and low- and middle-income families from obtaining retirement advice.
The controversial regulation will redefine what the Employee Retirement Income Security Act considers a fiduciary, expanding the scope of regulations placed on financial advisers.

The bill — spearheaded by Illinois Republican Peter Roskam 

58%

, Massachusetts Democrat Richard Neal 

15%

, Tennessee Republican Phil Roe 

60%

and Connecticut Democrat John Larson 

17%

— is poised to be introduced before the end of the year and will raise the bar financial planners are held to just short of the fiduciary standard.  

The DOL’s regulatory proposal opposes in-person, commission-based retirement advice provided by financial advisers, instead providing the options of using either automated robo-advisers for investment advice, the option favored by the Obama administration, or using fee-based services.

Text from The Daily Caller, here).