BLACK CHAMBER COMES OUT AGAINST OBAMA’S FINANCIAL ADVISER REGULATIONS

[WestVirginiaRebel]

Breitbart:

President and CEO of the National Black Chamber of Commerce (NBCC) Harry C. Alford is calling President Obama and the Department of Labor’s proposal for regulatory financial advisers “harmful” to many in that marketplace.

 

“The new DOL regulations will likely result in fewer commission-based services in the marketplace, leaving only fee-based and managed account services that are not affordable options for many individuals in our communities,” Alford said in a letter addressed to Congress and Department of Labor Secretary Thomas Perez.

 

The National Black Chamber of Commerce lobbies on behalf of 100,000 black-owned businesses. Harris said the Obama administration’s proposal would produce more regulatory burdens for small businesses, and would increase costs for low-income Americans seeking financial advice.

 

Harris is calling on Congress and the DOL “to evaluate the economic impact of this proposal on small businesses and re-propose this harmful regulation.”

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