Michael Bloomberg — a former Republican who is now running for the Democratic presidential nomination — calls out agents, brokers and insurers several time in his new financial rules change policy proposal.
- A copy of Bloomberg’s financial rules change policy proposal is available here.
- A general article about Bloomberg’s financial rules change policy proposal is available here.
Sen. Bernie Sanders, a Vermont independent who is also running for the nomination, has expressed support for the fiduciary rule in the past.
Another contender, Sen. Elizabeth Warren, D-Mass., has expressed strong support for the U.S. Department of Labor’s original fiduciary rule and best interest standard in a public letter sent to Eugene Scalia, the current Labor secretary.
But the word “fiduciary” does not seem to appear on Sanders’ website, or on the websites of Joe Biden, Amy Klobuchar or Tom Steyer.
Pete Buttigieg proposes creating a public long-term care insurance program, and a new marketplace for private LTCI policies, but he does not appear to use the word “fiduciary” on his website.
Warren mentions the fiduciary rule on her campaign site only briefly.
“I will restore the Labor Department’s fiduciary rule that the Trump administration delayed and failed to defend in court, so that brokers can’t cheat workers out of their retirement savings,” Warren says on her site.
In that statement, Warren includes an embedded link to an explanation of what she’s talking about — an article about the death of the original fiduciary rule, posted on the Insurance Journal website, and written by Neil Weinberg, a reporter for the Bloomberg news service.
Bloomberg became a billionaire by founding Bloomberg L.P., the owner of an investment information data service and of the Bloomberg new service. His news service has run many articles about insurance regulation.