Texas judge shoots down the fiduciary rule rollback.


Texas’ hanging  Judge Roy Bean. “The Law west of the Pecos.”

Texas has produced some notable legal minds.

In the 1800s there was Judge Roy Bean, known as “the hanging judge.” He was basically a saloon keeper and when he got older he was known as a man who gave away his money to the poor and always made sure that the schoolhouse had free firewood in winter. He died peacefully in his bed on 16 March 1903 after a bout of heavy drinking.

More recently there was Antonin Scalia. He was born in New Jersey but he died in Texas at a dude ranch. He passed in his sleep after a day of quail hunting. I don’t know what Judge Bean would have thought of Scalia. I imagine he would not have thought much of him.

Then there is Texas judge, Chief Judge Barbara M.G. Lynn of the U.S. District Court for Northern Texas.

Judge Lynn ruled against the Trump administration’s attempt to rollback changes to the fiduciary rule which strengthens the rights of  those who depend on a fair deal when it comes to retirement earnings.

The great scandal in America is how few working people can even afford retirement savings. Those that do have them through their pension plans. Most retirement income comes from Social Security which was never intended to be much more than a safety net.

Naturally the Repugs and Trump are after Social Security too.

Unlike Judge Roy Bean, they could care less if there is wood in the school house in winter.

The fiduciary rule says simply that those who take your money to invest your retirement savings must act in your best interest.

Again, naturally, the U.S. Chamber of Commerce, the Securities Industry and Financial Markets Association, and the Financial Services Institute Inc., filed a preliminary injunction earlier this month to stop the fiduciary rule change.

The Trump administration and the Department of Labor support the injunction and propose delaying implementation of the changes to the fiduciary rule and eventually killing it.

The Texas judge’s ruling will be appealed.

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