Financial planners may face new regulations from Department of Labor that may restrict Dave Ramsey’s media activity.
Proposed regulations from the Department of Labor may result in financial advisors being treated as fiduciaries. This could make them responsible for advice and give people recourse if they receive bad or self-interested advice.
Recently, talk radio host Dave Ramsey took to Twitter to criticize the regulation as Forbes reports in “How Fiduciary Rule May Censor Financial Broadcasters Like Dave Ramsey.”
On his radio program Ramsey takes calls from listeners who give him a brief overview of a financial concern they have. Ramsey then offers advice. Sometimes Ramsey’s advice is general, but depending on the question Ramsey’s advice is sometimes very specific.
Some people believe the proposed regulation is broad enough that Ramsey and others in the media like him could fall under it. In turn, this regulation would effectively censor the type of advice that could be given without subjecting “Dave Ramseys” and others like him to potential liability.
Critics say it will impede the free flow of discussion and ideas about financial matters. Supporters claim that since people rely on and act on the advice given, there should be a duty to give good advice.
Opinions of the possible impact on media figures remains divided.