https://www.uschamber.com/above-the-...-fourth-branch

Thomas Donohue released a statement about which regulations the Trump administration plans to undo and the new ones that it will block. Among those this is the one that stands more:

For example, we are urging immediate action to undo the Department of Labor’s Fiduciary Rule. If enacted, it would choke economic growth, increase frivolous litigation against financial advisers, and make saving for retirement more difficult for hardworking Americans
For those that do not know:
These changes in the retirement landscape over the last 40 years have increased the importance of sound investment advice for workers, their families and plan fiduciaries. While many advisers do act in their customers' best interest, not everyone is legally obligated to do so and some do not. Many investment professionals, consultants, brokers, insurance agents and other advisers operate within compensation structures that are misaligned with their customers' interests and often create strong incentives to steer customers into particular investment products. These conflicts of interest do not always have to be disclosed and advisers have limited liability under federal pension law for any harms resulting from the advice they provide to plan sponsors and retirement investors. These harms include the loss of billions of dollars a year for retirement investors in the form of eroded plan and IRA investment results, often after rollovers out of ERISA-protected plans and into IRAs.

The Department's conflict of interest final rule and related exemptions will protect investors by requiring all who provide retirement investment advice to plans, plan fiduciaries and IRAs to abide by a "fiduciary" standard—putting their clients' best interest before their own profits. This final rulemaking fulfills the Department's mission to protect, educate, and empower retirement investors as they face important choices in saving for retirement in their IRAs and employee benefit plans.
Now there is an argument to be made against this, since this regulation would choke smaller and independent broker dealers and RIA firms. But what this guy is saying makes no sense:

1. TFP growth would not be affected if advisers start working in the best interests of their clients.
2. The regulation allows you to sue your adviser if it did not work in your best interests, not sue him for whatever made up reason the client wants,that's not frivolous.
3. Apparently advisers working in fiduciary capicity reduces retirement savings of those hardworking americans.