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June 8, 2017

America’s Retirement Savers Win Big as Rule Putting Their Interests First Goes Into Effect

FOR IMMEDIATE RELEASE
Thursday, June 8, 2017
Contact: Nick Jacobs, 202-618-6430 or
njacobs@bettermarkets.com

Washington, D.C. – Dennis Kelleher, president and CEO of Better Markets, released the following statement as the core provisions of the Department of Labor’s “best interest” fiduciary rule are set to go into effect on Friday, June 9.

“Tomorrow will be a huge victory for all hardworking Americans trying to save for retirement.  This rule will save tens of millions of workers and retirees tens of billions of dollars because their financial advisers will be required to act in their clients’ best interest, not their own.  Like doctors and lawyers, financial advisers should not be influenced by conflicts of interest when Americans turn to them for help investing their hard-earned retirement money.

“This is also a victory for the rule of law.  To his credit, Secretary Acosta acknowledged that ‘there is no principled legal basis’ for further delaying the rule’s core provisions.  That conclusion should continue to guide his actions because there is no legitimate factual or legal basis for delaying, diluting, or dismantling the best interests rule, which resulted from years of inclusive deliberation and thorough, data-driven analysis.

“There is no doubt that the battle over the rule is far from over.  Better Markets will remain a vigilant sentinel, and we will not hesitate to challenge any attempt to delay, dilute, or rescind the rule.”

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.

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