Name:   GoneFishin - Subject:   The Right Says No To Helping Middle Class Date:   5/24/2016 10:09:41 PM (updated 5/24/2016 10:11:10 PM)

"Vanguard founder John Bogle came out Tuesday in support of the new fiduciary-duty requirement governing retirement plans, calling the U.S. Department of Labor regulations the "first step" in a movement he has been advocating for decades.

"Today, we're at the beginning of an arc in finance toward fiduciary duty," Bogle, 87, told a conference at the National Constitution Center hosted by the Institute for the Fiduciary Standard, which has long advocated for fiduciary responsibility on Wall Street.

"The Department of Labor has taken that first step," Bogle said of the rules issued in April.

Wall Street's other regulators should get on board, he added.

"I'd like to see the SEC [Securities and Exchange Commission] create a parallel action, a federal standard of fiduciary duty. This standard should be applied to every dollar invested," Bogle said. "Put the investor first, it's not that complicated."

Transparency of fees should be the next area of improvement, Bogle said, particularly since the weighted average expense ratio of mutual funds is "higher today in 2016 than it was when I got into the business in 1951.""

HOWEVER, TODAY THE REPUBLICANS IN THE SENATE VOTED TO BLOCK THE RULES. HAVE TO FOLLOW THE MONEY…THE RULE SEEMS FAIR TO ME BUT THEN I AM A "SOCIALIST" ACCORDING TO WIXXIE….AND WIXXIE ACCORDING TO HODJA.

By Andrew Taylor | AP May 24 at 5:18 PM WASHINGTON —

Republicans controlling the Senate passed legislation Tuesday to block new Obama administration rules that require financial professionals to put their client’s best interest first when giving advice on retirement investments like individual retirement accounts.

The Senate passed the legislation to roll back the rules by a mostly party-line 56-41 vote. The regulations are aimed at blocking financial advisers from steering clients toward investments with higher commissions and fees that can eat away at retirement savings.

The new regulations, commonly known as the “fiduciary rule,” require advisers who charge commissions to sign a promise that they will act in the client’s best interests, earn “reasonable” compensation and disclose information about fees and conflicts of interest. It will take effect next April.