On March 3, Professor Norman Stein discussed proposed regulations that would apply to financial advisors who serve pension funds and retirees on Inside E Street, a program produced by the American Association of Retired Persons that aired on Maryland Public Television.
Stein said regulations proposed by the U.S. Department of Labor would protect investors by highlighting conflicts of interest that exist for those providing financial advice.
The proposed regulation would expand the definition of fiduciary for pension-fund advisors, a measure that might have protected investors who had been steered by pension-fund advisors to invest with convicted felon Bernie Madoff, Stein said.
A widely respected expert on pension law, Stein was elected secretary of the Association of American Law Schools Section on Employee Benefits and Executive Compensation in January.
His appearance begins 10 minutes into the program.