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Labor Department Mutiny: Obama’s holdovers refuse to follow Trump’s directive
Now we know one reason Democrats blocked President Trump’s first nominee to be secretary of Labor: The bureaucracy is in open rebellion against the new President’s directives. The casus belli is the fiduciary rule, the attempt by Obama Labor Secretary Tom Perez to rewrite the rules for offering investment advice. The rule was supposed to go into effect Monday.
Proponents argued that the new rule would raise the standards for advice given to retirement investors. In reality, it would make that advice more expensive while opening…