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October 27, 2015

Statement Following the House Vote on the Wagner Bill

FOR IMMEDIATE RELEASE
Tuesday, October 27, 2015
Contact: Jeff Gohringer, 202-618-6430 or jgohringer@bettermarkets.com

Better Markets Statement Following the House Vote on the Wagner Bill

Washington, DC — Better Markets President and CEO Dennis Kelleher issued this statement following a vote in the House of Representatives on legislation introduced by Rep. Ann Wagner that would prevent the Department of Labor (DOL) from finalizing its proposed rule to protect Americans from conflicts of interest when brokers and other financial advisers give retirement advice:

“The Wagner bill would stop a key rule to protect Americans saving for retirement by requiring brokers to put their clients’ best interests first. That is why it lost significant support since it was last considered two years ago, and that is why momentum is building for the DOL to finalize this rule. This legislation is nothing more than just the latest attempt to prevent the DOL from doing its job to protect the American people’s hard-earned retirement savings from conflicts of interest. Further consideration of this bill by Congress would be a pointless exercise since President Obama will veto any bill that puts Wall Street’s special interests before the security of millions of Americans saving for retirement.

“The DOL has listened to and incorporated industry input for years, but Wall Street will never be happy unless the rule is gutted or killed. That is what the Wagner bill would do. The American people have waited long enough for these safeguards, and the DOL should finalize this balanced proposal without any delay or interference from Wall Street or its allies in Congress.”

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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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