Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement on the so-called report released today by the U.S. Chamber of Commerce that’s just the latest industry attempt to derail the Department of Labor’s (DOL) best interest standard:
“This so-called ‘report’ from the U.S. Chamber of Commerce is just the latest repackaged spin and scare tactics from Wall Street allies trying to derail the DOL’s best interest rule. The sky simply will not fall if brokers and others offering retirement advice have to act in their clients’ best interests. Small businesses provide retirement benefits so that their employees can maximize their retirement savings and that’s what the DOL rule does.
Contrary to misleading and inaccurate claims, the DOL’s rule will ensure small business owners who provide their employees with Simplified Employee Pension Plans and SIMPLE IRAs receive the same quality, conflict-free advice that everyone deserves. If any brokers and insurance agents are unwilling to put their clients’ interests first, they’ll be replaced by the many advisers who are already operating under the best interest standard. It’s time to end conflicts of interest that are costing Americans—which include, as noted by the Chamber, more than 9 million households enrolled in IRAs offered by small businesses—more than $17 billion every year by enacting this rule and giving all workers the unbiased retirement advice they expect and deserve.”
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.