How New Fiduciary Rule Could Impact Financial Broadcasters Like Dave Ramsey

Popular talk show host Dave Ramsey has expressed concerns about how the Department of Labor’s new Fiduciary Rule will impact financial broadcasters like him. Ramsey provides financial advice to listeners who call into his radio program. Some critics like insurance agent Michael Markey have been calling for financial broadcasters like Dave Ramsey to be regulated under the Fiduciary Rule if their advice proves to be harmful. There are concerns about the effects that this new rule will have on free financial discussion in the media. Exceptions do exist for recommendations made to the general public, but that would not protect Dave Ramsey or any other talk show host who regularly gives individual advice to callers. This issue is an interesting debate about the balance of freedom of speech with the need for consumer protection.

See John Berlau, How Fiduciary Rule May Censor Financial Broadcasters Like Dave Ramsey, Forbes, March 4, 2016.