“After years of thoughtful analysis and consultation, the DOL has drafted a strong rule that would help bring millions of Americans much closer to a secure, dignified retirement. This rule would close major loopholes to help ensure that workers and retirees receive retirement investment advice that is in their best interest. Among other important protections, the proposed rule will cover advice about rollovers, the most important financial decision many people will ever make. It will also eliminate outdated requirements that advice must be ‘regular’ or serve as the ‘primary basis’ for an investor’s decision, before the best interest standard applies.

Although some Wall Street allies immediately began attacking the rule, those attacks ignore numerous provisions specifically designed to accommodate their concerns. For example, the rule clearly will exempt bona fide educational activity for the benefit of investors, and it will also allow advisers to continue charging commissions, provided of course that all advice given is in the client’s best interest.

This rule promises to be a major improvement over the status quo, which allows too many financial professionals to offer self-serving retirement advice at the expense of their clients. As the comment process moves forward, we’ll continue to evaluate all aspects of the rule, including the exemptions and carve-outs proposed by DOL in response to industry complaints, to ensure it is as strong as possible. And we’ll encourage all Americans to share their views with the DOL so they can finally get the unbiased retirement investment advice they deserve.”