Skybridge Capital managing partner Anthony Scaramucci, who was recently named an adviser to Republican presidential nominee Donald Trump's campaign, promised the Department of Labor's fiduciary rule would be repealed if Mr. Trump takes office, as InvestmentNews senior reporter Mark Schoeff Jr. reported Tuesday.
Mr. Scaramucci's comments also included a controversial comparison between the DOL's regulation and the 1857 Dred Scott decision.
The comments drew impassioned responses on Twitter in a conversation that included Mr. Scaramucci himself.
They are fooling you with the ruling. The word fiduciary is in there to bait everyone but it really to drive ppl away from managed products. https://t.co/fSrlltVs3u— Anthony Scaramucci (@Scaramucci) October 19, 2016
Dred Scott is a blight on US history that extended slavery. DOL rule is nothing like it. @Scaramucci has never experienced anything like it. pic.twitter.com/1qkNZLu2sT— Dave Lauer (@DLauer) October 18, 2016
@Scaramucci is completely wrong on the DOL Fiduciary rule. One of the best regs to come out of DC. Protects investors. @ObsoleteDogma https://t.co/RBQQpc1XZ2— Ryan McGlothlin (@ryanmcglothlin) October 18, 2016
You have been fooled. This is broad based discrimination of one industry and as policy it will fail as soon as the market turns. https://t.co/2pgVdYQ0j5— Anthony Scaramucci (@Scaramucci) October 19, 2016
DOL Fiduciary Rule is like the Affordable Care Act - both are misnomers. Have good intentions but negative unintended consequences— Anthony Scaramucci (@Scaramucci) October 18, 2016