When a member of Congress wants to rein in a regulator, the classic strategy is to send them a letter with a long list of questions and a short deadline for response. Senate Homeland Security and Governmental Affairs Committee Chairman Ron Johnson (R-Wis.) recently sent such a letter to Department of Labor (DOL) Secretary Thomas Perez.
Ever since the Department of Labor proposed several years ago to close regulatory loopholes that allow financial firms to offer conflicted retirement advice without having to act in the best interests of the retirement savers who rely on that advice, financial services firms have been nearly apoplectic in their opposition.
College matters. Education matters. Having a well-paying and satisfying job matters. Being able to live as free as possible from college debt matters. I don't believe the American dream for most people is to go to the most expensive Ivy League or most prestigious research institution, and then go on to become rich and famous.