Last week President Trump issued a memorandum ordering a review of the fiduciary rule with the aim of delaying its implementation, currently scheduled for April of this year. Gary Cohn, Trump's chief economic advisor, has made it clear the administration will try to overturn the proposed rule completely.

The rule imposes a standard on all investment professionals involved with retirement accounts requiring them to act in the investors best interest, rather than pushing them towards products with the highest fees.

Opponents of the rule are trying to frame it as an issue of freedom of choice. This tactic may appeal to traditional republicans but I don't see how it will win over the rust belt working class that was supposedly the key to Trumps victory. There is plenty of evidence to show that higher fees do nothing but cost investors money. And unlike an issue such as immigration this faction's existing bias will not align with the presidents agenda, these people still have a deep distrust of bankers and lingering anger over the lack of accountability from the mbs disaster.

I think this issue could be a big problem for the president.