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Shelby County, But For Finance

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Congress has empowered the Department of Labor to prescribe regulations it “finds necessary or appropriate” to implement the Employee Retirement Income Security Act of 1974, which inter alia mandates the DOL establish national standards to ensure that retirement plans are of “equitable character” and “financial soundness.” Under the Obama administration, pursuant to this statutory authorization the DOL issued a regulation requiring advisors selling retirement plans to act in the fiduciary interests of their clients.

The legality of this regulation should really not be in question, but Edith Jones is one of the most hackish neoconfederate hacks on the federal courts and Edith Clement isn’t much better, so:

A divided federal appeals court on Thursday tossed out an Obama-era Department of Labor (DOL) rule that required financial investment advisers to act in the best interest of their clients.

In a 2-1 ruling, the 5th Circuit Court of Appeals said the fiduciary rule bears the hallmarks of “unreasonableness” and constitutes an arbitrary and capricious exercise of administrative power.

The lawsuit stems from a challenge the U.S. Chamber of Commerce and eight other business and financial groups brought against the rule.

With Jones and Clement on the panel, alas, “U.S. Chamber of Commerce” is sufficient to dispose of the case. Their argument is massively unconvincing, as Chief Judge Stewart observes:

Holding that it is arbitrary and capricious to require people selling retirement plans to act in the fiduciary interest of their clients is definitive Republican Party 2018.

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