From: Benjamin Wolfgang [mailto:firstname.lastname@example.org]
Sent: Monday, February 23, 2015 02:26 PM
To: Barnes, Desiree N.
Subject: In-town pool 5
POTUS spoke for about 16 minutes on the administration's new rules to protect financial investments and crack down on financial advisers. Everyone should have a White House fact sheet on the proposal.
Remarks were streamed live, but a couple quick highlights (check quotes against transcript, please):
POTUS introduced Sen. Warren, who received a big round of applause.
He said the economy has come a long way in recent years but there is still a long way to go.
"We've got a lot more work to do to make sure the recovery reaches every single American out there and not just those at the top," he said.
He also vowed to keep Social Security strong, which also received a big round of applause.
On the new proposal, he said there must be a set of uniform rules to ensure financial advisers always act with their clients' best interest in mind and do not steer clients to particular products for their financial gain. He said bad advice can cost retirees 25% of their savings over 35 years.
"We've got to make sure Americans who are doing the responsible thing by preparing for retirement are getting a fair share of the returns of those savings," he said. "You should have the peace of knowing the advice you're getting for investing those dollars is sound … that you're not being taken advantage of."
He also gave a shout-out to a financial adviser in the audience, Sheryl Garrett, of Arkansas, who POTUS says is an example of someone who does the job the right way.
POTUS said anyone who takes advantage of their clients shouldn't be in business. "You've got to put your clients' interest first. You can't have conflicts of interest," he said.
At 2:25, pool is holding inside the AARP building.
White House Reporter
The Washington Times
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