Sometimes they are not. Its already confusing to begin with. We need one standard and it ought to be the best interest. I love the one standard. I love the best interest tests. I assume there are a lot of people who are making a lot of money. So ive got to see, this one seems like a nobrainer to me. Hard working americans who manage money for their retirement should be able to trust that their retirement advisers are looking out for them. And besides that the thousands of honest hard working advisers and brokers around this country who already put their clients first every day shouldnt have to compete against those unethical advisers who dont. I understand why were in this fight. I understand there are people who are making money for keeping this game rigged, but we dont work for them. Time to level the playing field. Thank you mr. Secretary. Thank you mr. Chairman. I want to introduce senator kasich who will be brief within thinks five minutes and i think well have enough time to hear
We can get straight to their testimony. First, peter snyder, president of a grnlg company which i visited before. Thank you for being here peter. Peter is the leader of Financial Services providing income Retirement Savings options and insurance to millions of americans. Mr. Sflieder became president and served before that as the executive Vice President for primerica. We welcome you here today. Thank you. We have some scott purit managing contractor of defiance i. R. A. In maryland. He is a retirement director. A masters degree from harvard university. Welcome and thank you for being here. At this time, id like to turn it over to the rank and member frank and introduce ms. Miller. Thank you mr. Chairman. Its my pleasure to introduce Darlene Miller who is joining us today from my home state. Ms. Miller is the president and ceo of Permac Industries in burnsville minnesota, a Manufacturing Company that provides precision small part machines to other industries. Permac was named the u. S.
Other sister agency. Its a meritorious move. You said is, quote, good people operating in a flawed system. Would you explain that . Sure. There is a misalignment between the incentives that a person giving advice has and the best interest of the consumer. So, for instance, again, getting back to the tofels, if you have four or five different products under the current suitability rule that are suitable and product the first product, the variable annuity generates 26,000 a year in fees and another product, which would have a comparable return has a fraction of those fees, you have per verse incentive to steer them to the product that generates the most fees. And again, that is totally permissible so im not casting aspersions on the person that does it. Im saying thats not right. And we can device a system and i underscore what i said in my testimony, theres a substantial number of people, including one of the witnesses who will come up on the next panel, that operate under a fiduciary m
Has been a very exciting day here. The moment that evan spiegel stepped on the floor there he is walking across they have walltowall coverage of the latest tech darling. He was wrapping up the speech. Calling for a great rebuilding of the United States military in the u. S. Navy. One of the largest defense spending increases in history and eliminating the sequester. Those cuts in spending. The former navy captain. Provides a situation report on the commander in chief and the call on that. While the president is focusing on National Security his attorney general of attorney general of course is focusing on job security after his meeting with the Russian Ambassador found new legs and new attention. Blake is live at the white house. There is some breaking news on the story. Developments in the Jeff Sessions met with the ambassador of rusher thats been unveiled here today. Plus the push for obama care is on. Into the changes are on. Theyre not shouting yahoo no way. And charlie breaks it o
To 4045 mph. The wind is lighter saturday before it increases again sunday. A spotty shower is possible saturday night otherwise dry weather is ahead through early next week. As the snow melts with warmer weather, it means some drivers are traveling faster giving them less time to respond to those pot holes. Kwwls Macleod Hageman has returned from driving around today. Mac what are drivers saying . Potholes than people throughout the cedar valley. Luckily for drivers waterloo and cedar falls crews are working to ensure drivers have a smooth and safe travel throughout the area. Waterloo Streets Department started filling potholes today and will have several crews working from now until spring. Drivers say the warmer weather has them traveling faster i think one of the worst things Steering Wheel really tight. Its kind of rought, because everytime you take those same trips, you know youre going to have to change your route, or you have to remember on this one turn, look out. And right no