FOR IMMEDIATE RELEASE
Wednesday, February 8, 2017
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com

DOL’S “BEST INTEREST” FIDUCIARY RULE GOES 3 FOR 3:
ANOTHER WIN FOR RETIREES OVER INDUSTRY AS RULE WINS IN TEXAS COURT

Washington, D.C. – Stephen W. Hall, Legal Director of Better Markets, issued this statement following the ruling in a Texas federal court in favor of the Department of Labor’s (DOL) best interest fiduciary rule:

“This is another critically important victory for the tens of millions of hard-working Americans struggling to save for a secure retirement.

“Three courts have now carefully considered the full range of industry attacks on the DOL’s best interest fiduciary rule, and they have firmly rejected all of them.  The decision issued today is definitive and sends a message that ought to put a stake through the heart of industry’s efforts to destroy this common-sense rule.

“What Americans saving for retirement need is advice in their best interests, not sales pitches and spin aimed at saddling them with expensive and mediocre investments that line their brokers’ pockets with commissions and fees but eat away at retirement savings.  The DOL rule helps ensure this simple, common-sense principle always applies: All financial advice to retirement savers must put the clients’ best interests ahead of their advisers’ own interest in maximizing profits.”

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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.