Jordan Weissmann, a writer at Slate, has an interesting article about Republican proposals to replace entitlements with private savings accounts. He says that these programs are big giveaways to money managers, who would collect hefty management fees. Weissmann says that the GOP is "trying to rewrite the social contract in such a way as to maximize the profits of the financial services industry."
That would fit with President Donald Trump's decision to review the Obama-era fiduciary rule, which prevents asset managers from intentionally directing retirement savers to high-fee products when cheaper alternatives would do.
