BREAKING: Barack Hussein Obama just got some terrible news from the fifth Circuit Court of Appeals.
The Daily Caller reported that the court killed an Obama-era regulation mandating federal oversight of the relationship between retirement account advisers and their clients. In a 2-1 vote, the court decided to throw out the Department of Labor’s Fiduciary Rule, ruling the regulation was “an arbitrary and capricious exercise of administrative power.”
The court explained that the now-vacated law favored large scale investors by encouraging fee-based services over commission based.
“Pending further review, the [Labor Department] will not be enforcing the 2016 fiduciary rule,” a Department of Labor spokesman said after the ruling.
Though the law was approved at the end of Obama’s presidency in 2016, it’s implementation was pushed back to July of 2019 when Trump took office. The law came to be known as the fiduciary rule, since it re-classified financial advisers as fiduciaries and held them to highest legal standards set between one party and another.
A Chamber of Commerce report said that Obama’s law aimed to push retirement advisers to place the client’s interest above their own but consequently would have increased the cost of financial advisers and pushed small-scale professionals out of the market.
“I’m thankful that the court has recognized that the ‘fiduciary rule’ represents a massive bureaucratic overreach and is a solution in search of a problem,” Republican Georgia Sen. Johnny Isakson said in a statement. “I’m committed to the repeal of this big-government regulation that harms hardworking Americans who need access to quality advice for their retirement planning.”
This is just the latest piece of Obama’s legacy that has been destroyed since Trump took office. This comes after Obama was just completely humiliated after a new poll revealed that Donald Trump is more popular than he was at this same point in his presidency. Breitbart reported that the latest Rasmussen poll found that Trump’s approval rating sits at a healthy 48 percent, while Obama’s was at 44 percent at this same point back in 2010.
On this same date in 2010, a full 56 percent disapproved of the job Obama was doing, while just 51 percent disapprove of what Trump is doing.
This just goest to show the absolute failures of the mainstream media, which has bashed Trump while it still kisses up to Obama. The support of the mainstream media is why Obama was able to defy gravity throughout eight terrible years of economic stagnation, unceasing scandals (fast and furious, Benghazi, the IRS, “you can keep your insurance”) and countless foreign policy bungles.
Meanwhile, the media beats Trump bloody with more than 90 percent negative news, most of it manufactured lies about Russia and obstruction of justice.