I received this the other day and felt I should pass this info on …
President Obama and the administration (read: government) are once again trying to treat you and me like children…
The Department of Labor has proposed a new rule that would change how brokers and financial firms deal with IRAs and other retirement plans.
The rule is supposed to reduce fees and conflicts of interest between brokers and investors. That’s a good thing. But the rule as written has a fatal flaw. And when has the government ever made anything cheaper and easier to do… or reduced conflicts of interest?
Here’s the thing… if passed, this rule will restrict the trading of options in IRA accounts.Many of you sell covered calls in IRA accounts for income and capital gains. Some have even used it as a way to create portfolio protection. If this rule passes, that could end immediately.
Many people use options to increase leverage and make big bets. But in a paternalistic attempt to protect people from themselves, the Department of Labor may take away our ability to use options correctly to actually decrease our portfolio risk.
That’s patently unfair. You deserve every retirement savings tool at your disposal.The Department of Labor is accepting comments on this rule… but only until September 24. Please take the time to submit your comments to the Department of Labor. Write them a short note. I’m dead serious… We need your help, and we’ve included instructions on how to do it below.
Please tell the bureaucrats how you’ve taken the time to learn proper options trading. Tell them about how it has grown your retirement account. And explain how some option trades reduce risk, rather than increase it.
Taking five minutes now could result in a major difference in your retirement account. Here’s how you can submit your comments…
The government accepts comments at http://www.regulations.gov.
You can also go straight to this particular rule change by clicking this link. Then you can click ”Comment Now” in the top right and enter your opinion
If you want to protect your right, and the right of others, to trade options in a retirement account… take a few minutes to do this today. The comment period ends tomorrow, so don’t put it off.
Please do it right now and fight for your freedom to use the tools that Wall Street gets to use.
P.S. You can also send an e-mail directly to e-ORI@dol.gov. Be sure to include ”RIN 1210 – AB32” in the subject line.
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