“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.