FOR IMMEDIATE RELEASE
Thursday, September 24, 2015
Contact: Jeff Gohringer, 202-618-6430 or jgohringer@bettermarkets.com
Better Markets Statement Following Filing Supporting the Department of Labor’s Best Interest Fiduciary Duty Rule
**Click here to view the comment letter**
Washington, DC — Better Markets President and CEO Dennis Kelleher released this statement following the filing of a comment letter in support of the Department of Labor’s best interest fiduciary rule to protect Americans from conflicts of interest when brokers and other financial advisers provide retirement investment advice:
“It’s time to finally end the 40 year-old legal loophole that has allowed brokers and other advisers providing retirement advice to put their interests before the interests of their clients saving for retirement. Although some in the financial services industry continue to try to derail this rule so they can keep pocketing billions of dollars of their clients’ hard earned retirement savings every year, our filing makes clear that no new facts or arguments have been raised since the initial comment period was opened in April. Industry and its allies have used different spin to make the same tired arguments, but the facts are clear. The broken status quo is unacceptable, and the Department of Labor has all the feedback and information it needs to quickly finalize this rule and protect millions of Americans working to build a secure and dignified 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.
