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May 22, 2017

A Great Victory for America’s Retirement Savers: Their Best Interests Must be First

FOR IMMEDIATE RELEASE
Monday, May 22, 2017
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com

Washington, D.C. – Following the announcement from Labor Secretary Acosta that there will be no delay of the “best interest” fiduciary rule, Dennis Kelleher, president and CEO of Better Markets, released the following statement:

“One of President Trump’s first acts in office was to side with Wall Street against hardworking Americans saving for retirement.  He ordered the Department of Labor (DOL) to delay a rule that required financial advisors to act in their clients’ best interests rather than enriching themselves at their clients’ expense.  This common-sense rule, like those governing doctors and lawyers, was long overdue, but too many on Wall Street hated it because it threatened their profits.

“In a great victory for Americans saving for retirement, President Trump’s Secretary of Labor just admitted that there is no legal basis to delay the best interest rule.  He also conceded that he, the DOL and, by implication, the President himself have to follow the rule of law in deregulating just as President Obama and everyone has to follow the rule of law when enacting regulations.  That means the Trump’s DOL will now have to properly draft, propose and, if appropriate, finalize a different rule after allowing for full public input and participation.

“We are confident that any data-driven, robust analysis that fairly considers the facts will prove again that Americans saving for retirement deserve to have their best interests put above their financial advisors’ economic interests.  Better Markets looks forward to continuing to participate in this process, as it has for several years now.” 

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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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