Senators raise alarms about shelving retirement advice ruleWASHINGTON (Reuters) - Three U.S. Democratic Senators on Friday raised concerns over the possibility that President Donald Trump’s administration will permanently shelve the “fiduciary rule,” aimed at preventing brokers from recommending inappropriate retirement investments. The most senior Democrat on the Senate committee overseeing pensions, Washington’s Patty Murray, and two of the party’s liberal stars who advocated for the rule, Cory Booker and Elizabeth Warren, wrote to newly confirmed Labor Secretary Alexander Acosta about reports that he was looking for a way to freeze the rule and make it “stick.” Earlier this month, the National Association of Plan Advisors cited Acosta as saying he was seeking the long-term freeze in a meeting with Republican Senator Tim Scott, of South Carolina. He added that he was in constant communication with the White House and “recognized the urgency of the situation,” the group said in a blog post citing a “communication from Scott’s office.” Scott’s spokeswoman Michele Exner told Reuters she did not know what the two discussed in their meeting, what Acosta had said, or anything about the communication cited.  Labor Department Spokeswoman Jillian Rogers said she would ask Acosta, currently in Germany, about the conversation and if permanently paralyzing the rule was a department priority. Approved last year under former President Barack Obama, a Democrat, the rule was intended to ensure that financial advisers put their clients’ interests first, and to protect consumers from buying unnecessary investment products that line brokers’ pockets. Heavily criticized by Wall Street and Republicans for potentially raising the cost of investment advice, the rule has faced a rocky time becoming effective, with Trump last month delaying its enactment date, originally April 10, for 60 days. Trump has also ordered a review of the rule. “Instead of meeting with all stakeholders and considering multiple points of view, you appear to have prejudged the outcome of the review,” the senators wrote in a copy of the letter seen by Reuters. They said an analysis accompanying the rule’s release that found conflicts of interest would cost those saving for retirement $17 billion annually. They warned there are “steep legal standards” that the Labor Department would have to meet to “justify further delaying, substantially revising, or rescinding this rule.” politicsNews
senators raise alarms shelling retirement advice rulewashington reuters three democratic senators friday raised concerns possibility president donald trump administration permanently shelves fiduciary rule aimed preventing brokers recommending inappropriate retirement investments the senior democrat senate committee overseeing pensions washington patty murray two party liberal stars advocated rule cory booker elizabeth warren wrote newly confirmed labor secretary alexander costa reports looking way freeze rule make earlier month national association plan advisors cited costa saying seeking freeze meeting republican senator tim scott south carolina he added constant communication white house recognized urgency situation group said blog post citing communication scott scott spokeswoman michele einer told reuters know two discussed meeting costa said anything communication cited labor department spokeswoman million rogers said would ask costa currently germany conversation permanently analyzing rule department priority approved last year former president barack obama democrat rule intended ensure financial advisers put clients interests first protect consumers buying unnecessary investment products line brokers pockets heavily criticized wall street republicans potentially raising cost investment advice rule faced rocky time becoming effective trump last month delaying enactment date originally april days trump also ordered review rule instead meeting stakeholders considering multiple points view appear prejudiced outcome review senators wrote copy letter seen reuters they said analysis accompanying rule release found conflicts interest would cost saving retirement billion annually they warned steep legal standards labor department would meet justify delaying substantially revising residing politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Senators raise alarms about shelving retirement advice ruleWASHINGTON (Reuters) - Three U.S. Democratic Senators on Friday raised concerns over the possibility that President Donald Trump’s administration will permanently shelve the “fiduciary rule,” aimed at preventing brokers from recommending inappropriate retirement investments. The most senior Democrat on the Senate committee overseeing pensions, Washington’s Patty Murray, and two of the party’s liberal stars who advocated for the rule, Cory Booker and Elizabeth Warren, wrote to newly confirmed Labor Secretary Alexander Acosta about reports that he was looking for a way to freeze the rule and make it “stick.” Earlier this month, the National Association of Plan Advisors cited Acosta as saying he was seeking the long-term freeze in a meeting with Republican Senator Tim Scott, of South Carolina. He added that he was in constant communication with the White House and “recognized the urgency of the situation,” the group said in a blog post citing a “communication from Scott’s office.” Scott’s spokeswoman Michele Exner told Reuters she did not know what the two discussed in their meeting, what Acosta had said, or anything about the communication cited.  Labor Department Spokeswoman Jillian Rogers said she would ask Acosta, currently in Germany, about the conversation and if permanently paralyzing the rule was a department priority. Approved last year under former President Barack Obama, a Democrat, the rule was intended to ensure that financial advisers put their clients’ interests first, and to protect consumers from buying unnecessary investment products that line brokers’ pockets. Heavily criticized by Wall Street and Republicans for potentially raising the cost of investment advice, the rule has faced a rocky time becoming effective, with Trump last month delaying its enactment date, originally April 10, for 60 days. Trump has also ordered a review of the rule. “Instead of meeting with all stakeholders and considering multiple points of view, you appear to have prejudged the outcome of the review,” the senators wrote in a copy of the letter seen by Reuters. They said an analysis accompanying the rule’s release that found conflicts of interest would cost those saving for retirement $17 billion annually. They warned there are “steep legal standards” that the Labor Department would have to meet to “justify further delaying, substantially revising, or rescinding this rule.” politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: senators raise alarms shelling retirement advice rulewashington reuters three democratic senators friday raised concerns possibility president donald trump administration permanently shelves fiduciary rule aimed preventing brokers recommending inappropriate retirement investments the senior democrat senate committee overseeing pensions washington patty murray two party liberal stars advocated rule cory booker elizabeth warren wrote newly confirmed labor secretary alexander costa reports looking way freeze rule make earlier month national association plan advisors cited costa saying seeking freeze meeting republican senator tim scott south carolina he added constant communication white house recognized urgency situation group said blog post citing communication scott scott spokeswoman michele einer told reuters know two discussed meeting costa said anything communication cited labor department spokeswoman million rogers said would ask costa currently germany conversation permanently analyzing rule department priority approved last year former president barack obama democrat rule intended ensure financial advisers put clients interests first protect consumers buying unnecessary investment products line brokers pockets heavily criticized wall street republicans potentially raising cost investment advice rule faced rocky time becoming effective trump last month delaying enactment date originally april days trump also ordered review rule instead meeting stakeholders considering multiple points view appear prejudiced outcome review senators wrote copy letter seen reuters they said analysis accompanying rule release found conflicts interest would cost saving retirement billion annually they warned steep legal standards labor department would meet justify delaying substantially revising residing politicsnews