In today's edition of Investment News, my Fiduciary Corner column takes aim at Congress and the Treasury Department's failure to put the interests of taxpayers first in the initial proposed bailout bill. Since I wrote the article, the updated bailout was passed that does include improvements to the oversight. However, it still does not address the conflicted loyalties of Paulson's first draft and has been riddled with add-ons that are not to the exclusive benefit of tax-paying citizens. A rescue package for our nation's financial systems was and is essential, but only in the context of how those financial systems are essential to the fiscal health of the public. It is unfortunate that our leaders are failing to put our interests first and foremost, and it does not end with the passing of the bill. Going forward, the public should continue to expect a fiduciary duty in the implementation of the bill and should hold their public officials accountable if and when they fail to do so.
Also in today's issue of IN, Blaine is quoted saying the embracing of the fiduciary role is becoming a critical component to being a successful fiduciary for 401(k) plans in today's environment and going forward. Along with that comes the importance of defined procedures, documentation and strict adherence to the investment policy statement.
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To read more Fiduciary Corner columns and other articles addressing fiduciary responsibility, visit the Articles section of fi360.com.
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