Rolling Stone: Wall Street is Looting the Retirement System; Trump is Helping

Labor News

Reprinted from Rolling Stone by  on August 23, 2020.

The Trump administration is pushing dramatic changes to the American retirement system that will benefit Wall Street but push average citizens into plans that are riskier, less profitable, and loaded with high and hidden fees.

In the past two months, the Trump’s Labor Department has introduced two pending changes to deregulate vulturous private equity firms and multi-trillion dollar retirement managers like Vanguard, Fidelity, and BlackRock. A third proposed change would restrict retirement investments with an underlying environmental, social, or governance mission — mainly to boost the struggling fossil-fuel industry.

If finalized, the result will be death by a thousand cuts to Americans’ diminished retirement nest egg, amounting to an all-out Wall Street looting of American retirement. …

Rolling Stone 8/23

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About Jeffrey Burman 857 Articles
Jeff Burman served on the Guild’s Board of Directors from 1992 to 2019. He is now retired. He can be reached at jeffrey.s.burman.57@gmail.com.

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