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From: Eddy.N@verizon.net [mallto:Eddy.N@verizon.net] 

Sent: Monday, August 31, 2015 9:27 AM 

To: Perez, Thomas E - OSEC 

Subject: ret 

Dear Tom 

The American people arc not stupid and we demand Obama to stop trying to steal ouR"-'11ard-~~rn~retiremcnt 

funds. We say to Obama: ,.ve like our 40 l (k), and v.:e want to ke<;p om 401 (k) wilhout being forced to buy 

worthless US Treasuries because nobody buys them except the Fed. In 2013, in a little-heralded case, the Court 

of Appeals for the Seventh Circuit rejected the Department of Labor (DOL)'s attempt to punish voluntary 

retirement plan service providers. DOL had tried to force providers of 40 l (k), 403(b), IRA, and related services 

to adopt a massive new set ofregulations known as "fiduciary" responsibilities. The Seventh Circuit slammed the 

door shut and the Supreme Court declined to hear the appeal. Of course for the "most transparent administration 

ever", that step simply meant that the court's opinion was to be rejected and Obama would use his infamous pen 

lo rule by executive fiat DOL must stop serving special interests, protect the fruits of OUR labor, not enforce 

regulations that make it easy for bankers to steal them. 

We are outraged because on August 24, DOL confirmed thcv arc moving fonvanl with new regulations that 

would repudiate the court's opinion in a gross violation of the Constitution's separation of powers. A SEC 

Commissioner issued an ominous warning that DO L's new regulations would unleash havoc and create "a mess." 

Furthermore, financial services experts have cautioned that the new rule is "foo c-0mplicatcd to put into 

nracticc." We reject DO L's proposal to expand the definition of 1\fiduciary" under ERIS A because it will create 

a vast and costly new rcguh1tory regime for independent firms and advisers acrnss the country. Obama 

must serve the public interest, protect his legacy, and order DOL to stop trying to nationalize or seize OUR 

retirement funds NOW. 
Like Obamacare, the idea is to drive small- and mid-size service providers out of the retirement business by 

ensuring that the costs of complying with regulations arc unaffordable. And, to ensure a Republican president 

can't easily unwind the Rube Goldberg machinery, DOL has also promised an impossible 8 month 

implementation timeline when most providers believe it wi!! take 3 years to follow all of the byzantine rules and 

regulations. Their intent is to force a consolidation of the retirement service industry, just as Obamacare drove 

mergers and acquisitions in the health care business, leaving only gigantic corporations in its wake. These 

companies have become intertwined and dependent upon legislators and lobbyists in Washington and can't make 

a move without the permission of the federal leviathan. Many Democrats are open about the true goal of 

Obamacare: to end up with a single-payer health care svstcm, modeled after the National Hea!th Service in the 

UK, the system that was reported to have killed 120,000 seniors in 2012 alone. 

Obama must stop thinking about stealing OUR money since Americans arc holding well over SlO trillion in 

private retirement accounts. One of the first steps the Obama administration took to signal its direction was to 

unveil its "MyRA" program that takes participants' funds and invests them in "ultra-safe", government-issued 

debt. We reject any DOL attempt to extend "fiduciary" responsibilities to require advisors to leverage US 

Treasuries in their clients' portfolios because this is financial repression and the hallmark of a government facing 

bankruptcy. Essentially, a failing government forces investors to purchase its debt because it knows damn well 

that the instruments will never be repaid. Argentina and other failed countries have embarked upon this strategy 

prior to a currency collapse. The real goal of the Obama administration is to nationalize OUR retirement account 

and to invest it in debt that is unsellable· in the open market because China has stopped buying years ago and have 

led others to dumping them. Obama must respect and protect OUR retirement funds and stop serving bankers 

who want to steal or debase them, because we will demand Congress to defund DOL until this proposed fiduciary 

rule is nuked from orbit.