A good friend of mine told me the other day that at the rate he is churning out executive orders, Donald Trump could be done with his work as president by the end of March and then turn over the keys to Mike Pence and return to Trump Tower to preside as king. While that might make many of his detractors happy, Mr. Trump appears to be enjoying turning the political world on its head too much to fade away so quickly. The pace he is setting of overturning laws and regulations that are suffocating economic growth and enthroning mindless political correctness is breathtaking. A politician who is actually doing what he promised – imagine that!
One of the areas in which Mr. Trump is keeping his promises is financial services, where he signed executive orders last week delaying the idiotic fiduciary rule cooked up by Barack Obama’s socialist Labor Department and vowing to undo many of the Dodd-Frank rules that do little to protect investors while saddling financial firms with mindless and useless regulations.
Naturally, the mainstream financial media is in paroxysms over Mr. Trump’s latest executive orders, churning out incendiary headlines like “What Trump Could Do to Your Retirement”, “Three Ways to Protect Your 401(k) If Trump Kills The Fiduciary Rule” and “Donald Trump Just Made It Way Easier for Your Financial Adviser to Rip You Off”. What this all really means is “How dare Donald Trump upset the status quo?”
Of course, this is another progressive meltdown. The fiduciary rule is a bad idea that deserves to be dead and buried.