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February 24, 2016

House Speaker Paul Ryan is Wrong to Oppose Putting Retirement Savers’ Best Interest First

FOR IMMEDIATE RELEASE 
Wednesday, February 24, 2016
Contact: Shanessa Bryant, 202-618-6433 or sbryant@bettermarkets.com

House Speaker Paul Ryan is Wrong to Oppose Putting Retirement Savers’ Best Interest First

Washington, DC — House Speaker Paul Ryan recently announced his opposition to a Department of Labor proposed rule that would close a 40 year old loophole and require all financial advisers – including brokers and insurance agents – to put their client’s interests first when recommending retirement investments. Better Markets President and CEO Dennis Kelleher released the following statement regarding Speaker Ryan’s opposition:

“Hardworking Americans trying to save for retirement deserve to have the law protect their best interests.  That’s what the DOL’s proposed rule will do:  close a 40 year old loophole that allows financial advisers to put their financial interests in maximizing their incomes above their clients’ best interests of maximizing their savings.  As a result, the current law is costing retirement savers tens of billions of dollars every year.  That conflict of interest is wrong and Speaker Ryan is wrong to oppose fixing it.  American’s deserve unbiased retirement advice and this rule will finally put the law on their side.”

This blog post explains in more detail why Speaker Ryan is wrong and why the DOL rule is so important to Americans saving for retirement.

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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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