Let's disclose something upfront: I ran and won two political races as a Republican. Of course, the fact that one of those races was a primary should tell you something else.
Earlier this year, the SEC fumbled its report on the Fiduciary standard by allowing it to become a partisan issue within the ranks of the commissioners. Then, at a Congressional hearing and in subsequent press statements, SEC Chairman Mary Shapiro played the political card in an apparent attempt to fend off those newly elected Tea Party-ers seeking to succumb to fiscal responsibility. She threatened to withhold making any major regulatory changes without a promise from Congress to increase SEC funding. Those wily Republicans called Shapiro's bluff and sent a scathing letter to the SEC questioning not only the sacred fiduciary standard, but the very core of Dodd-Frank itself.
Most serious analysts consider Dodd-Frank your average run-of-the-mill big government boondoggle that not only fails to address what it was originally intended to do, but institutionalized the ugly concept of "too big to fail." Therefore, it's consistent with their traditional philosophy – and the creed of the Tea Party – for Republicans to question Dodd-Frank Financial Reform Act. After all, like the infamously unilateral Health Care Reform Act, the Financial Reform Act made no attempt to consider alternative views.
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Christopher Carosa
Chris Carosa has been writing a weekly article and monthly column for BenefitsPRO online and BenefitsPRO Magazine since 2011 and is a nationally recognized award-winning writer, researcher and speaker. He’s written seven books, including From Cradle to Retire: The Child IRA; Hey! What’s My Number? – How to Increase the Odds You Will Retire in Comfort; A Pizza The Action: Everything I Ever Learned About Business I Learned By Working in a Pizza Stand at the Erie County Fair; and the widely acclaimed 401(k) Fiduciary Solutions. Carosa is also Chief Contributing Editor of the authoritative trade journal FiduciaryNews.com and publisher of the Mendon-Honeoye Falls-Lima Sentinel, a weekly community newspaper he founded in 1989. Currently serving as President of the National Society of Newspaper Columnists and with more than 1,000 articles published in various publications, he appears regularly in the national media. A “parallel” entrepreneur, he actively runs a handful of businesses, including a small boutique investment adviser, providing hands-on experience for his writing. A trained astrophysicist, he also holds an MBA and has been designated a Certified Trust and Financial Advisor. Share your thoughts and story ideas with him through Facebook (https://www.facebook.com/christophercarosa/)and Twitter (https://twitter.com/ChrisCarosa).
