Many conservative groups, in protesting a law that restricts how much people can invest in their retirement, have joined a coalition being led by The Competitive Enterprise Institute (CEI). The intention of the groups is to bring a halt to the rule implemented by the Obama administration.
The rule that is getting people all riled up interferes with the investment decisions for retirement and savings plan. According to the Department of Labor, many Americans are not educated enough to make investments in the right places or ways.
One of the reasons why this rule is being protested so much is that individuals are saying it inhibits American’s liberty and freedom of choice. Liberals are saying that it actually hurts individuals who are not in the upper class by restricting the amount you can save for retirement.
Congress is already planning to oppose the rule before 2016. If the opposition from congress is successful, the Department of Labor will not be allowed to spend any funds to implement the law. While this is the true, the DOL thinks it could actually end up helping people.
The rule states “individuals rarely having the education to manage their retirement finances on their own, without the help of a retirement investor. However, when trying to receive advice, individuals will be redirected and will accumulate a high fee to even speak to an advisor”.