Financial Reform Bill
President Obama signs financial reform bill… Out of this massive 2,400 page document comes only a handful of new rules that might positively impact consumers and the investing public. Pam Krueger spoke with NPR’s Mindy Todd to discuss several consumer-friendly changes to the financial system. The two biggest changes include:
- The creation of a new consumer watchdog agency called the Consumer Financial Protection Bureau. It’s purpose is to make sure all consumers have access to financial products and services and that banks and financial services companies play by the rules of the game.
- Tens of millions of everyday Americans rely on brokers or financial advisors for trusted advice and from now on, anyone who dispenses financial advice for a living must act in their client’s best interest versus just selling an investment that might be suitable. The new rules force brokers to follow the same fiduciary standards as investment advisers.
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