February 6, 2017
Contact: Kelsea-Marie Pym
PATRIOTIC MILLIONAIRES RELEASE STATEMENT ON PRES. TRUMP’S ATTEMPT TO EVISCERATE FINANCIAL REGULATIONS
“Whether you are a Republican or Democrat, what possible argument suggests this is a good idea?”
Washington, DC – In DC and across the country, Patriotic Millionaires are speaking out against President Trump’s first attempt to gut financial regulation by reversing the the fiduciary rule and taking careful aim at Dodd-Frank. The President campaigned as a champion for working people – yet this proposal looks exactly as if it were pulled from a Wall Street policy wish list. This policy reversal will not serve regular Americans, it will only serve to make it easier for big banks and financial companies to cheat their customers and once again destabilize our economy.
In the Patriotic Millionaires’ own words:
“The proposed changes will mean that taxpayers will increase profits for banks in good years – and increase tax payer bail outs in bad years.
I believe that if you are paying someone to help you invest your retirement savings – that he should give you advice that he believes is in your best interest – not simply tell you to invest in whatever generates the highest commissions for him,” said Chair Morris Pearl, former managing director BlackRock.
“People voted for Donald Trump because they believed that he would “drain the swamp” of corrupt public officials and stand up to big banks. Of course now he’s doing the exact opposite: screwing over working Americans and giving huge breaks to big banks. Here’s something a regular voter has literally never said: “There’s too much transparency in derivatives markets! The fed shouldn’t be allowed to establish risk-based capital requirements for banks!” said Patriotic Millionaire Max Temkin, founder Cards Against Humanity.
“Just about every action on the domestic front is about to turn the clock back on protections for those misguided souls who expected Donald Trump to give a hoot about them. He is behaving as expected and exactly as he has done for years in his businesses: scamming, stealing, lying, using workers and most of all, feathering his own nest” said Patriotic Millionaire Carol Saal, founder Network Associates.
“With the repeal of Dodd-Frank the best we have is hope. If all bankers, brokers, investment consultants and institutions act morally and ethically we’ve nothing to fear. And if past behavior is any indication of future performance, this isn’t likely. So we mustn’t relax the laws put in place to guide and put limits upon them” said Patriotic Millionaire Judy Pigott, Board Member ArtsWest Theater.
“Whether you are a Democrat or Republican, what possible argument exists to suggest that your financial advisor’s first and only obligation should be to anyone other than you, their client? Taking away that fiduciary duty is like calling the fire department when your house is on fire and not being sure they are there to put the fire out” said Patriotic Millionaire Josh Kanter, Investor at Windy City, Inc., Chicago Investments, Inc.
“This is how President Trump and his minions are looking out for the little guy – by reversing hard fought rules that followed the 2008 Wall Street debacle. If Wall Street wants to gamble with risky schemes – let it be their money that bankrolls it. The swamp gets murkier with each passing day” said Patriotic Millionaire Arthur Strauss, retired M.D.
“Donald Trump promised Americans he would focus on jobs and stand up for them against big banks and big business. But all he’s done so far has been to promise fewer regulations and lower taxes for business. Now he wants to gut financial regulations and give big banks the chance to once again run wild in their search for obscene profits at the expense the American public.” said Patriotic Millionaire Fred Rotondaro, Chair Catholics in Alliance for the Common Good.
“Why would anyone choose to hire a financial advisor who was NOT required to act in their best interests? Why should that be considered an onerous requirement? Common sense would dictate that anyone offering a service, particularly financial services, should be expected to act in the customer’s best interests. This should be be a basis for free markets. Wealthier clients can depend on expert advisors to keep track of their diversified investments, because the fees for that advice would represent a relatively small proportion of their investment. Most people cannot afford to hire experts to oversee their financial advisors and do not have the expertise or the time to keep track of these things themselves. Therefore, it is imperative that these advisors be legally required to behave in the best interests of their clients” said Patriotic Millionaire Alida Latham, Photographer.
To schedule an interview or for further comment, please contact Kelsea-Marie Pym at [email protected].
About the Patriotic Millionaires
The Patriotic Millionaires is a group of 200 high-net-worth Americans who are committed to building a more prosperous, stable, and inclusive nation. The group focuses on promoting public policy solutions that encourage political equality; guarantee a sustaining wage for working Americans; and ensure that millionaires, billionaires, and corporations pay a greater percentage of taxes. You can find out more at https://patrioticmillionaires.org/about/
The Patriotic Millionaires have appeared on hundreds of media outlets here and abroad, including The Daily Show with Jon Stewart, the PBS NewsHour, The New York Times, Washington Post, CNN, MSNBC, Fox News, and many others. You can find more coverage at https://patrioticmillionaires.org/media