The S&P 500 is closing in on its all-time high, and is likely to sail past it, as long as the Fed promises lower interest rates and the trade war calms down.Market Insiderread more
In a tweet, Trump said that he and Xi "had a very good telephone conversation," and that "our respective teams will begin talks prior to our meeting."Politicsread more
A Bloomberg News report Tuesday morning said the White House had looked at such a move in February.Marketsread more
President Donald Trump on Tuesday announced that he will not nominate acting Defense Secretary Patrick Shanahan to hold the position in a permanent capacity. Army Secretary...Politicsread more
Stocks surged after President Donald Trump said he will be meeting with his Chinese counterpart, Xi Jinping, at the upcoming G-20 summit.US Marketsread more
The move is part of a larger trend that saw the survey's 179 participants move away from risk and toward positions that reflect fear of a coming economic slowdown spurred by a...Marketsread more
Democratic frontrunner Joe Biden on Monday appealed to a billionaire Republican donor for fundraising help in his presidential campaign. But the financier, Trump-supporting...Politicsread more
Facebook and other groups are behind a new programming language for working with the Libra blockchain.Technologyread more
Tesla investors are regaining confidence in a quieter Elon Musk — even as they question the company's ability to hit its production goals for the second quarter.Autosread more
Long-time blockchain technologists say Facebook's Libra digital currency will introduce billions to cryptocurrencies, but the company's problems with trust and privacy remain...Technologyread more
Valisure, an online pharmacy company, told the FDA that high levels of dimethylformamide were found in valsartan, a drug produced by Swiss drugmaker Novartis and other...Health and Scienceread more
A rule that would require that all financial advisors to act in their clients' best interests with regard to their retirement accounts has been killed.
The U.S. Fifth Circuit Court of Appeals confirmed on Thursday its decision to vacate the Department of Labor's so-called fiduciary rule.
The decision comes after a complete implementation of the rule was stalled following efforts by the Trump administration to investigate its effects on business.
The Labor Department issued its final rule in April 2016. The new requirements were scheduled to be phased in between June 2017 and July 2019.
The Securities and Exchange Commission, meanwhile, has also expressed interest in establishing its own rule. The agency had been authorized to create its own fiduciary standard when the Dodd-Frank Act was passed in 2010.
In April, the SEC said it planned to propose a best-interest standard for investment advisers and broker-dealers that make recommendations to retail investors. The agency also opened the proposal up for a 90-day comment period.
The Securities Industry and Financial Markets Association, a trade group that represents banks and asset management and securities firms, praised the court's decision.
"We are pleased the Fifth Circuit today issued its mandate," SIFMA president and CEO Kenneth E. Bentsen, Jr. said in a prepared statement. "The SEC, not the DOL, is the appropriate regulator in this area, and we look forward to working with the SEC on the current proposed rule-making to establish a best interest standard across all accounts, and not just retirement accounts."
Knut Rostad, president of the Institute for the Fiduciary Standard, a non-profit research, education and advocacy organization, called the court's decision "tragic."
"It's clear consumers are on their own," Rostad said.
More from Personal Finance:
Here's what that Supreme Court sales tax decision means for you
Social Security benefits buy 34 percent less than in 2000, study reveals
Here's why some retirees no longer have to file a tax return
Rostad said he met with SEC Chairman Jay Clayton on Tuesday, who affirmed he is "totally committed to moving these proposals forward as fast as possible."
But the best-interest standard will require significant strengthening and clarification, Rostad said, including for industry professionals who do not know the difference between a best-interest and fiduciary standard.
"For years, the courts have used best interest and fiduciary interchangeably," Rostad said. "It's not just the investor on Main Street who will be confused. Lots of other people will be confused as well."
With any regulation far from being enforced, investors should demand to know whether their advisor is acting as a fiduciary.
"Demand that the individual puts in writing they are fiduciaries at all times for all advice in the relationship," Rostad said. "The vast majority of financial professionals will not be able to do that."