The Chamber of Commerce has been hiding behind small businesses as they try to derail the Department of Labor’s (DOL) best interest rule protecting Americans’ retirement security. But don’t fall for their misleading claims. The DOL’s rule will ensure small business owners who provide their employees with Simplified Employee Pension Plans and SIMPLE IRAs receive […]
Key takeaways from the first day of an unprecedented four days of a public hearing at the Department of Labor (DOL) to discuss its proposed best interest fiduciary rule: Industry remains opposed to the best interest standard for their clients, while claiming otherwise. “As the industry witnesses today made clear again, industry will only support […]
FOR IMMEDIATE RELEASE Monday, August 10, 2015 Contact: Jeff Gohringer, 202-618-6430 or [email protected] Better Markets: No More Secret SIFMA Studies or Meetings **Click Here to Download: Fact Sheet: Don’t Fall for SIFMA’s Spin Campaign** Washington, DC — Better Markets President and CEO Dennis Kelleher released this statement following the testimony of Ken Bentsen, Securities Industry […]
The Securities Industry and Financial Markets Association (SIFMA) – which boasts that it is the “voice of the U.S. securities industry, representing broker-dealers,” Wall Street banks, and others – has relentlessly worked to delay, derail, and kill the Department of Labor’s (DOL) proposed rule to require that the clients’ best interest be put first and […]
The New York Times’ recent op-ed, We’re Making Life Too Hard for Millennials, highlighted how “[t]he most educated generation in history is on track to becoming less prosperous, at least financially, than its predecessors,” in large part due to the lasting impacts of the 2008 financial crash. As Steve Rattner writes, “[t]hose who graduate in […]
FOR IMMEDIATE RELEASE Thursday, July 23, 2015 Contact: Jeff Gohringer, 202-618-6430 or [email protected] **Fact Sheet Attached, click here to view the comment letter** Washington, DC — Better Markets President and CEO Dennis Kelleher released this statement following the filing of a comment letter in support of the Department of Labor’s best interest rule to protect Americans […]
The Department of Labor’s best interest standard is a common sense rule merely requiring brokers and other financial advisers to act in their clients’ best interest rather than their own personal interests when providing retirement investment advice. It would help those saving for retirement get the most out of these savings and help combat the […]
“The Financial Services Institute is circulating a fact sheet to lawmakers to help explain how the Department of Labor’s fiduciary redraft is “unworkable.” “FSI, noting that it has supported a uniform fiduciary standard, uses each letter in “unworkable” to explain the current redraft’s faults. “The document — which FSI says has been well received on […]
Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement on the industry trade group Financial Services Institute’s (FSI) one-page gimmick attacking the Department of Labor’s best interest rule: “FSI’s members are made up of financial advisers, such as broker-dealers, who directly benefit from an outdated 40 year-old rule that allows them […]
The Department of Labor’s best interest standard is a common sense rule merely requiring brokers and other financial advisers to act in their clients’ best interest rather than their own personal interests when providing retirement investment advice. It would help those saving for retirement get the most out of these savings and help combat the […]
“The Department of Labor is about midway through a public comment period on its ‘fiduciary rule’ proposal to require financial advisers to act solely in their clients’ best interests when giving advice and selling investments for retirement accounts.” *** “Case in point: At a recent retirement-industry conference in Washington, Robert Reynolds, the chief executive of […]
Opening Statement Dennis M. Kelleher President and CEO Better Markets, Inc. United States House of Representatives Committee on Education and the Workforce Subcommittee on Health, Employment, Labor, and Pensions “Restricting Access to Financial Advice: Evaluating the Costs and Consequences for Working Families” June 17, 2015 Good morning Chairman Roe, Ranking Member Polis and members of […]
Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement in response to Putnam Investment’s CEO Robert Reynolds’ attack today on the Department of Labor’s (DOL) best interest standard: “Today Putnam Investment’s CEO, Robert Reynolds, attacked the DOL rule that would simply require Putnam and other retirement advisors to put their clients’ […]
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 […]
Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement on SIFMA’s proposal released today purporting to be a “best interest” standard, but which is really little more than its latest attempt to kill DOL’s proposed fiduciary duty rule: “SIFMA, a Wall Street trade group, admits it is the ‘voice of the […]
“The Securities and Exchange Commission announced Thursday that Andrew J. “Buddy” Donohue, former director of the agency’s Division of Investment Management, will rejoin the agency as its chief of staff to help craft its fiduciary rule. “Donohue replaces Lona Nallengara, who will leave the agency in June. As chief of staff, Donohue will be a […]
“A U.S. Labor Department plan to reduce conflicts with brokers who offer retirement account advice drew criticism from the chief of Wall Street’s self-funded regulator on Wednesday, who said it would shift enforcement from regulators to investors. “The plan, unveiled in April, aims to ensure that brokers offering retirement account advice do not steer customers […]
Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued the following statement in response to FINRA CEO Richard Ketchum’s comments today on the Department of Labor’s (DOL) best interests rule: “Making the retirement crisis much worse than it has to be, more than $17 billion every year end up in Wall Street’s pockets […]
If you ain’t jailed, you ain’t nailed Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued the following statement in response to the Department of Justice’s criminal currency-rigging settlements with UBS AG, Citigroup, JPMorgan Chase, Barclays, and Royal Bank of Scotland: “DOJ’s settlement charade continues where it talks tough, but winks at Wall […]
“In most professions, it would take only one or two acts of egregious conduct before troubled employees were shown the door. In the case of one stockbroker who has repeatedly had complaints from investors, it took 69 customer disputes filed over the last 13 years before he was barred from the business. “The stockbroker, Jerry A. Cicolani […]
“In a move that could brighten retirement prospects for millions of Americans, the U.S. Supreme Court ruled that employers have a duty to keep watch over 401(k) plans to guard against high management fees that can erode retirement savings. “A unanimous high court said Monday that employers can be sued if they fail in their […]
Money managers affiliated with banks admitting they violated U.S. securities, banking and other laws could find it hard to get the necessary permission from regulators to continue running the more than $1.3 trillion they oversee. *** That is a good sign, said Stephen Hall, a securities specialist with Better Markets, a non-partisan non-profit organization in […]
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, […]
US lawmakers are returning to battle over lax mortgage lending as Democrats and their allies say Republicans want to let banks go back to the loose loan standards at the heart of the financial crisis. *** Dennis Kelleher, chief executive of Better Markets, a non-profit group critical of Wall Street, said Mr Shelby was trying […]
During a Senate Appropriations Subcommittee hearing this week, Senator Jerry Moran (R-KS) questioned SEC Chair Mary Jo White about the Department of Labor’s recently proposed rule requiring anyone who provides retirement investment advice to act solely in the best interests of their clients. Chair White highlighted that the SEC and DOL each have a separate […]
“The financial industry and the White House are gearing up for a fresh battle this spring over investment advice for retirement savings. “The Department of Labor issued a draft proposal earlier this month that would require financial advisers to provide retirement savings advice that is in a customer’s “best interest” in an effort to minimize […]
On Tuesday, April 14th, the DOL proposed a rule to require all retirement investment advisers to act in their clients’ best interest, not put their own economic interests first. That long overdue reform will save Americans at least $17 billion in retirement funds every year. That means more than $17 billion every year would stay […]
A newly proposed rule to ban retirement planners from creating conflicts of interest with their customers might appear to put an end to the years-long policy fight over the issue. *** “This is going to be the biggest battle since Dodd-Frank, hands down,” said Dennis Kelleher, chief executive of financial reform advocacy group Better Markets […]
The Department of Labor issued for public comment Tuesday the long-anticipated controversial redraft of its rule to amend the definition of fiduciary under the Employee Retirement Income Security Act. *** Dennis Kelleher, CEO of Better Markets, applauded DOL’s release of its fiduciary plan. “Today is a day Wall Street hoped would never come: the American […]
A newly proposed rule to ban retirement planners from creating conflicts of interest with their customers might appear to put an end the years-long policy fight over the issue. *** “This is going to be the biggest battle since Dodd-Frank, hands down,” said Dennis Kelleher, chief executive of financial reform advocacy group Better Markets Inc., […]
In Significant Victory for Consumers, Long-Awaited Department of Labor Rule Issued for Public Comment FOR IMMEDIATE RELEASE Tuesday, April 14, 2015 Contact: Jeff Gohringer, Better Markets, (202) 618-6430 or [email protected] April 14, 2015, Washington, D.C. – Members of the SaveOurRetirement.org coalition and a diverse collection of public interest groups, civil rights leaders, labor unions, professional […]
April 16, 2015, Washington, D.C. – The seven members of the SaveOurRetirement.org coalition – AARP, AFL-CIO, AFSCME, Americans for Financial Reform, Better Markets, Consumer Federation of America and Pension Rights Center – released this statement following an initial review of the Department of Labor’s (DOL) proposed rule protecting Americans from harmful conflicts of interest when […]
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 […]
Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement following the release of the Department of Labor’s proposed rule to protect Americans from conflicts of interest when brokers and other financial advisers give retirement investment advice: “Today is a day Wall Street hoped would never come: the American people get to […]
WASHINGTON — If the Financial Stability Oversight Council was hoping for any kind of consensus on whether and how it should regulate asset management companies, the feedback it has received on its request for comment is likely disappointing. *** Better Markets agreed with the asset management industry that any designation would have to be “extensive, […]
For more than a month now, the White House has been vetting a proposal by the Labor Department that would require financial advisers to act solely in the interests of clients when giving advice on retirement accounts. The White House should move the process forward without further delay. Its own research has shown that biased advice costs retirement investors […]
NEW YORK (AP) — Susan Bernardo trusted her stockbroker. She wound up losing a fortune. Her broker, David Harris, advised her to sell $400,000 worth of relatively safe municipal bonds, she says, and sink the proceeds into real estate and energy partnerships in hopes of earning more income. She had received the cash from a […]
For some time now, SIFMA, the self-described “voice of the U.S. securities industry,” has been loudly proclaiming its support for a fiduciary standard for brokers while working overtime to kill Department of Labor (DOL) rulemaking to achieve that result. *** Read the full Huffington Post article by Barbara Roper here.
Denise Pitts walked into the pawn shop not far from where she bought her mobile home in Knoxville, Tennessee, and offered up her wedding rings for $100. Her marriage wasn’t over, but her husband was battling cancer and, Pitts said, her mortgage company told her the only way to keep a roof over his head […]
NEW YORK (MainStreet) — Today’s investors may feel overwhelmed by the abundance of information available, not all of it trustworthy. If you’re looking for reliable information or think you’ve been ripped off, here are some sources that can help: Better Markets is a nonprofit group that lobbies on behalf of the average person. Its president […]
While many in the industry are applauding Securities and Exchange Commission Chairwoman Mary Jo White’s recent declaration that she will push to ensure the agency extends a fiduciary rule for brokers, concerns remain that such a rule will be a long time in the making—and may not even happen at all. *** Dennis Kelleher, president […]
Another industry-purchased “study” attempting to prevent the Department of Labor (DOL) from proposing a rule to stop conflicts of interest and require advisers to act in the best interests of savers was released this week. But don’t be fooled. This so-called “study”, conducted by NERA Economic Consulting, was paid for and commissioned by the Securities […]
Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement following Securities and Exchange Commission (SEC) Chair Mary Jo White’s comments in support of the agency advancing a fiduciary standard for brokers providing securities investment advice: “We applaud SEC Chair Mary Jo White’s public acknowledgment that the SEC and DOL have different […]
On one side: government and consumer groups that want investment advisers held to a higher standard designed to benefit clients. On the other side: Wall Street firms eager to sustain there cherished “good enough” standard of investing advice that has driven the gravy train of commissions for so many stock brokers. Often at their clients’ […]
FOR IMMEDIATE RELEASE Thursday, March 12, 2015 Contact: Jeff Gohringer, Better Markets, 202-618-6430 or [email protected] Dave Nathan or Josh Rosenblum, AARP, (202) 434-2560, [email protected] Amaya Smith, AFL-CIO, (202) 637-5018, [email protected] Cheryl Kelly, AFSCME, (202-429-1136), [email protected] Jim Lardner, Americans for Financial Reform, (202) 466-3311, [email protected] Barbara Roper, Consumer Federation of America, (719) 543-9468, [email protected] Nancy Hwa, […]
For more than a month now, the White House has been vetting a proposal by the Labor Department that would require financial advisers to act solely in the interests of clients when giving advice on retirement accounts. The White House should move the process forward without further delay. Its own research has shown that biased advice costs retirement investors […]
“The Securities and Exchange Commission, not the Department of Labor, should lead the way on fiduciary rulemaking for BDs, two Republican lawmakers said in a letter Tuesday. “The chairmen of the House and Senate Appropriations Subcommittees on Financial Services and General Government told Shaun Donovan, director of the Office of Management and Budget, in a […]
“Here is something every non-rich American family should know: The odds are that you will run out of money in retirement. “On average, a typical working family in the anteroom of retirement — headed by somebody 55 to 64 years old — has only about $104,000 in retirement savings, according to the Federal Reserve’s Survey […]
“Let’s see. Do I want an investment adviser or a financial adviser to help plan for retirement? A variable annuity, fixed annuity, or no annuity at all? How about stashing savings in an S&P 500 index fund – they’re all the same, right? “I don’t have vertigo, but whenever I consider my options for retirement […]
“(Reuters) – The Obama administration is battling Wall Street to win the support of dozens of Democrat lawmakers over rules that could rein in brokers who handle trillions of dollars in retirement accounts. “President Barack Obama on Monday called on the Department of Labor to write new rules for brokers that seek to reduce conflicts of interest and […]
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