Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement on the Department of Labor’s extension of the comment period on the proposed rule to protect Americans from conflicts of interest when brokers and other financial advisers give retirement advice:
“Although there was already ample time provided to comment on the rule, the Department of Labor is going out of its way to be generous and responsive once again to industry and its allies. However, enough is enough. It’s time to free Americans from too much biased retirement advice that’s currently draining tens of billions of dollars from their hard-earned savings every year. We look forward to the day when this protection putting Americans’ best interests first finally becomes a reality and tens of millions of retirees can build a more secure, dignified retirement.”
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.