“It’s the $10 trillion question nobody’s talking about. Though candidates are mum and it won’t appear on any ballot Nov. 4, the midterm elections tomorrow could determine how much money savers will have in their pockets when they retire. And by “savers,” we mean nearly 70 percent of American households.
Here’s the issue: Should the Department of Labor expand the list of so-called “fiduciaries,” financial advisers who by law must act in the best interest of retirement savers? Put another way, should financial professionals be required to maximize your gains even if it means a smaller profit for themselves? The issue’s provoked a huge political scrape between consumer advocates and Wall Street lobbyists. And with control of the Senate up for grabs, the White House has postponed any decision, apparently out of fear of losing more votes to conservatives. If Republicans do win control, they could be in a position to overturn any White House decision or perhaps just discourage the White House from moving forward.”