Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement in reaction to Labor Secretary Tom Perez’s remarks on the Department of Labor’s proposed rule protecting Americans’ retirement security during a speech at the Financial Literacy Summit this morning:

“Secretary Perez is right: the proposed rule to put retirement savers’ best interests first is one of the most important steps we can take to protect the security, independence and dignity of all Americas, whether they are retired or trying to save enough for retirement. Ending the 40 year-old legal loophole that has allowed Wall Street to put its self-interest above the best interests of Americans saving for retirement is a commonsense approach that’s good for consumers and businesses alike. As the Secretary said, this proposed rule is the result of substantial outreach, and its release will be followed by an extensive comment period and public hearings. We’ll continue to work with Secretary Perez and the Obama administration to ensure the rule is as strong as possible so Americans can finally get the unbiased retirement investment advice they need and deserve.”   

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Better Markets is an independent, nonprofit, nonpartisan organization that promotes the public interest in financial reform in the domestic and global capital and commodity markets. Better Markets advocates for transparency, oversight and accountability with the goal of a stronger, safer financial system that is less prone to crisis and failure thereby eliminating or minimizing the need for more taxpayer funded bailouts. To learn more, visit www.bettermarkets.com.