by Karl Denninger
Experts both for and against the rule I have talked to agree its broad reach could extend to financial media personalities who offer tips to individual audience members, a group that includes not just [Dave] Ramsey but TV hosts like Suze Orman and Jim Cramer, as well as many other broadcasters who opine on business and investment matters. They would be ensnared by the rule’s broad redefinition of a vast swath of financial professionals as “fiduciaries” and its mandate that these “fiduciaries” only serve the “best interest” of IRA and 401(k) holders.
At issue is those who provide individual commentary to specific persons.
HotAir screams that this is “censorship.” Ok, where’s the yelling about individual legal advice from people not licensed as lawyers? Individualized construction plan advice from those who are not structural engineers?