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August 13, 2015

Better Markets Statement Following the Conclusion of DOL’s Unprecedented Four-Day Hearing on the Clients’ Best Interest Standard

FOR IMMEDIATE RELEASE
Thursday, August 13, 2015
Contact: Jeff Gohringer, 202-618-6430 or jgohringer@bettermarkets.com

Better Markets Statement Following the Conclusion of DOL’s Unprecedented Four-Day Hearing on the Clients’ Best Interest Standard

Washington, DC — Better Markets President and CEO Dennis Kelleher released this statement following the conclusion of the Department of Labor’s (DOL) hearing on their best interest standard today:

“This unprecedented four-day hearing by DOL proved that Americans saving for retirement need to be protected from brokers’ conflicts of interest. Nothing that the industry said in repeating the same old meritless arguments changes that. Putting the best interests of hardworking Americans saving for retirement first should be a no brainer. The DOL’s rule will stop tens of billions of tax-subsidized dollars being diverted from retirement accounts into brokers’ pockets. The hearing also proved that the Department of Labor has all the information, input and feedback it needs to finalize this rule as quickly as possible. It is long past time for America’s workers and retirees to get the unbiased and conflict-free advice they expect and deserve.”

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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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