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July 5, 2017

Justice Department Stands Up for Protecting Retirees’ Best Interests and Maximizing Their Savings and Investments

FOR IMMEDIATE RELEASE
Wednesday, July 5, 2017
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com

Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, released the following statement regarding the brief filed by the Justice Department opposing the Chamber of Commerce and others in Chamber v. Department of Labor and arguing that the Department of Labor’s “best interest” fiduciary duty rule should be upheld:

“We applaud the Justice Department for recognizing that the thoughtful, thorough and comprehensive process the Labor Department followed for finalizing the ‘best-interest’ fiduciary duty rule was consistent with the letter and spirit of the law and should be upheld in virtually all respects.  The Labor Department carefully, deliberately and inclusively considered adopting an updated best interest rule for retirement advice for more than five years.  The final rule was based on an extensive record that benefited from the input of all stakeholders, including  enormous input from industry.  It was one of the most exhaustive, open and all-inclusive rulemaking in history and the Justice Department brief demonstrates that.  

“It is important to remember that the Labor Department ‘best interests’ fiduciary duty rule will enable workers and retirees to get the most from their retirement savings and investments.  It will put tens of billions of dollars back in the pockets of tens of millions of Americans in or planning for retirement, dramatically improving their quality of life.  Those are exactly the Americans the Justice Department should be siding with and fighting for.” 

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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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