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November 27, 2017

Delay of ‘Best Interest’ Fiduciary Rule Denies a Safe and Secure Retirement for Millions of Americans

FOR IMMEDIATE RELEASE
Monday, November 27, 2017
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com

Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued this statement following the announcement by the Department of Labor (DOL) of an 18-month delay of key provisions in  the “best interest” fiduciary rule.

“Delaying the private enforcement mechanisms in the DOL’s “best interest” fiduciary rule and sidelining other core provisions designed to eliminate conflicts of interest among advisers is a huge mistake.  It renders the rule toothless and will wind up costing millions of Americans billions of dollars, denying them a safe and secure retirement.  Even worse, the 18-month delay is nothing more than another step in the Trump administration’s long-term plan to permanently gut the rule or destroy it outright.  Once again, the Administration has chosen to side with the financial industry over Main Street consumers.”

“All of this, coupled with the DOL’s announcement that it will also not enforce the rule, is an early holiday present to the financial industry.  The DOL has given industry a fiduciary rule in name only.  It leaves the worst actors in the industry free to continue recommending lousy retirement investments that line advisers’ pockets with huge commissions, without fear of any real consequences.”

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.

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