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January 5, 2016

Congressman draws fire for bill that would aid MassMutual

“The MassMutual office tower looms large over Springfield, a symbol of the powerful role the insurance company plays in the home district of Representative Richard Neal.

“Now Neal is coming under fire for sponsoring legislation that would protect MassMutual — which is the veteran lawmaker’s biggest source of campaign money — and other insurance and financial services companies from regulations proposed by the Obama administration.

“Neal and his cosponsors have introduced a watered-down version of the Obama administration’s plan to curb investment industry practices that critics say take an unfair bite out of Americans’ retirement nest eggs.”

***

“Dennis Kelleher, chief executive of Better Markets, a nonprofit advocacy group in Washington, was similarly critical: “The bill is just the latest industry attempt to delay and kill the very simple rule that requires investment advisers to put their clients’ interests first.”

***

Read the full Boston Globe article by Christopher Rowland here. 

 
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