Dems not sold on Obama's financial adviser regs

Dems not sold on Obama's financial adviser regs
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House Democrats are raising concerns about President Obama's proposal for financial advisers.
Nine House Democrats are circulating a letter calling on Obama and Department of Labor (DOL) officials to refine its regulatory proposal for financial advisers.
The administration wants to increase regulations for financial advisers to better protect consumers from financial advisers who make money off selling bad advice to consumers by earning commissions from financial institutions.
But the financial advising industry argues that the regulations are unneeded, since they have protocol in place to weed out bad actors, and that the new rules would end up raising costs on low- and middle-income Americans.
"We continue to hear from constituents, academics, providers, and investors that there are specific provisions of the Rule that may cause market disruptions and limit the ability of segments of the market to reasonably access advice," nine House Democrats wrote in a letter that's being circulated to members this week, first obtained by The Hill.
The group of lawmakers who have already signed onto the letter includes members of the moderate New Democrat Coalition and the Congressional Black Caucus.
"In order to have a successfully implemented rule, it is vital that the proposal doesn't  limit consumer choice and access to advice, have a disproportionate impact on lower- or middle-income communities, or raise the costs of saving for retirement," the lawmakers wrote.
Last month, moderate Senate Democrats criticized the proposal, too. Sens. Claire McCaskillClaire Conner McCaskillMomentum growing among Republicans for Supreme Court vote before Election Day Democratic-linked group runs ads in Kansas GOP Senate primary Trump mocked for low attendance at rally MORE (Mo.), Jon TesterJonathan (Jon) TesterPence seeks to boost Daines in critical Montana Senate race This World Suicide Prevention Day, let's recommit to protecting the lives of our veterans Filibuster fight looms if Democrats retake Senate MORE (Mont.), Heidi HeitkampMary (Heidi) Kathryn HeitkampCentrists, progressives rally around Harris pick for VP 70 former senators propose bipartisan caucus for incumbents Susan Collins set to play pivotal role in impeachment drama MORE (N.D.) and Joe DonnellyJoseph (Joe) Simon DonnellyTrump meets with potential Supreme Court pick Amy Coney Barrett at White House Names to watch as Trump picks Ginsburg replacement on Supreme Court Momentum growing among Republicans for Supreme Court vote before Election Day MORE (Ind.) have all raised concerns about the proposal.