Wall Street is looting the American retirement system. The Trump administration is helping.
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.
Full story: Rolling Stone »