Caesar's wife

Today's post is about the Fiduciary Rule. When choosing a financial manager we are advised to inquire if the candidate follows the Fiduciary Rule which requires that financial advisors, money managers etc. put their client's interest first. Something you would take for granted with other professionals (think doctors, lawyers) cannot be assumed with regard to money managers. The reason for this is that the Rule, issued by the Department of Labor in 2016 as part of the Obama Administration's push for protections for consumers of financial services, applies only to some, not all, money managers. As you might guess the reason is opposition in Congress. If you have been paying any attention you would guess the opposition is from Republicans in both the House and Senate. And you would be right.

You may be wondering why I am devoting a post to this subject. In recent days news about Democrats' struggle over President Biden's agenda regarding infrastructure, Build Back Better, the debt ceiling and the national debt has drowned out news about "relatively" less important issues. I am referring to the resignation of the presidents of the Boston and Dallas Federal Reserve Banks over the issue of impropriety of their securities' trading while in office given that they have both influence over and advance knowledge of financial market trends. Then there was news that dozens of federal judges admitted to not recusing themselves in cases involving companies in which they had financial interests. Of course, the elephant in the corner is former President Trump's refusal to relinquish control of his finances when he assumed office and Congressional Republicans' defence of his action. All this against the background of a steady drumbeat of similar malfeasance on the part of members of the House and Senate of both parties. The words "impunity" and "gall" come to mind. But what makes it possible is public apathy or ignorance. Anyone remember the House Bank and the uproar over the issue of over-drafts on the accounts of Congressional Democrats almost 30 years ago which lead to the Republican take-over of Congress? We the people seem to have lost our appreciation for right and wrong. Maybe we have become slowly desensitized or overwhelmed by everything that is going on to care. Well, it's time to snap out of it.

As for Caesar's wife, I am sure you will look it up if you are not familiar with the expression. Who knows if the woman did anything to be immortalized in this way? The fact remains, even associates of public officials are supposed to be above suspicion - why not public officials themselves? One more issue for middle-of-the-roaders to consider when next we vote.