Legalectric

Trump issued a Memorandum (FR Doc. 2017-02656) to “reconsider” the Obama administration’s “Definition of the Term “Fiduciary”; Conflict of Interest Rule—Retirement Investment Advice, 81 Fed. Reg. 20946 (April 8, 2016),” specifically, “You are directed to examine the Fiduciary Duty Rule to determine whether it may adversely affect the ability of Americans to gain access to retirement information and financial advice.”

Memorandum of February 3, 2017 – Fiduciary Duty Rule

We saw what directives to examine something goes, i.e., DAPL and KXL.  Here, it’s been in the federal courts, where the courts are upholding the Fiduciary Duty Rule.

What’s the Fiduciary Duty Rule?  It means that financial planners have a fiduciary duty to their clients, and must put their interests first, i.e., put them first over the planner’s financial interest in pushing business one way or another considering their remuneration for their services, commissions, etc.

tRump thinks the Fiduciary Duty Rule is a bad thing!  How does he justify this?  He doesn’t have to.  With a stroke of the pen, he knocks it down (probably not understanding this, either!).

But here comes another federal court decision where Obama’s Fiduciary Duty Rule was challenged, and the court upheld the Rule:

US court upholds Obama-era retirement advice rule

Here it is, the Court Order:

17-35105_Upholds Restraining Order

Tell the White House what you think of tRump’s Executive Order 13769 Muslim Ban:

https://www.whitehouse.gov/contact

Looking forward to catching up with Ted Nace soon in San Francisco.  He’s author of Gangs of America: The Rise of Corporate Power and the Disabling of Democracy — get your copy HERE.

Alan Muller and I had the good fortune of meeting him through our “no coal” work and the “No New Coal Plants” list that was instrumental in stopping so many coal gasification plants across the U.S., including Minnesota’s Excelsior Energy Mesaba Project (see also www.camp-site.info)and the NRG coal gasification plant proposed for Delaware.  He wrote this Orion article about that coal gasification fight (a couple things are off — hey, Ted, it’s an ORANGE crate!!):

Orion-Stopping Coal in its Tracks – Ted Nace – JanFeb 2008

And from that, he also also wrote:

Climate Hope: On the Front Lines of the Fight Against Coal

Check these out, you can find them reasonably priced at www.abebooks.com.  Support your independent bookseller!

UPDATE: Corps grants easement to Dakota Access LLC

You may have read tRump’s Memorandum pushing the Army Corps of Engineers to ram through the Dakota Access pipeline:

Trump_Memorandum Dakota Access

From the Stanley Gazette:

Breaking News: U.S. Army Corps of Engineers Ready to Grant Easement for DAPL

And from the DC District Federal Court, here are the filings:

Construction of the Dakota Access Pipeline – Memorandum – Document No. 207-02032

The Army rolled, and here are the documents stating intent to issue the DAPL easement across Lake Oahe, and the Notice of Termination of the Environmental Impact Statement:

ACoE_Notice Regarding Recently Issued Documents

Ex_1_Notice to Congress

Ex_2_Compliance with Presidential Memorandum

Ex_3_To Federal Register_Notice of Termination

How is this anything but “arbitrary and capricious” action on the part of the Army Corps of Engineers?

Bad news for regular people trying to get by, the protective measures to keep us safe from “Wall Street” grifters are being rolled back: