
Wall Street Is Looting the American Retirement System - doener
https://www.rollingstone.com/politics/politics-features/retirement-private-equity-trump-administration-wall-street-1047576/
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OldHand2018
> In the past two months, the Trump’s Labor Department has introduced two
> pending changes to deregulate vulturous private equity firms and multi-
> trillion dollar retirement managers like Vanguard, Fidelity, and BlackRock.
> A third proposed change would restrict retirement investments with an
> underlying environmental, social, or governance mission — mainly to boost
> the struggling fossil-fuel industry.

Oh man. Vanguard, Fidelity and BlackRock are the main drivers in reducing the
cost of holding diversified portfolio funds. A "low cost" mutual fund from 10
years ago looks ridiculous compared to what is offered as standard now. Nobody
forced them to do it, either.

And these companies are also really angry about the proposed ESG rule. They've
spent a lot of time and money developing extremely good ones, and the DoL is
pulling the rug out from under them right as they get ready to roll them out.

