Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued the following statement on President Obama’s action today endorsing the Department of Labor’s proposed rule to protect Americans from conflicts of interest when brokers and other financial advisers give retirement advice:
“It is shocking and unacceptable that brokers and other financial advisers can put their own interests above the interests of their clients when providing retirement investment advice. Those unsuspecting clients have no idea they are so vulnerable to conflicts of interest when they seek help investing their hard-earned money for retirement. This is due to a 40-year old legal loophole that is costing workers and retirees billions of dollars in lost retirement savings every year. President Obama’s action today will help close that loophole and require all advisers to act in their clients’ best interest. By advancing this rule, the President is taking a huge step towards ensuring that tens of millions of Americans finally get unbiased advice, maximize their savings, and increase their chances for a comfortable and 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.