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September 30, 2015

Statement on Legislation Reflecting Wall Street’s Latest Attempt to Kill the DOL’s Best Interest Fiduciary Rule

FOR IMMEDIATE RELEASE
Wednesday, September 30, 2015
Contact: Jeff Gohringer, 202-618-6430 or jgohringer@bettermarkets.com

Better Markets Statement on Legislation Reflecting Wall Street’s Latest Attempt to Kill the DOL’s Best Interest Fiduciary Rule

Washington, DC — Dennis Kelleher, President and CEO of Better Markets, issued the following statement on the House Financial Services Committee markup today on legislation introduced by Rep. Ann Wagner to kill the Department of Labor’s (DOL) proposed rule to protect Americans from conflicts of interest when brokers and other financial advisers give retirement advice:

“The bill being considered today is a charade that looks reasonable, but is really just Wall Street’s latest attempt to kill a long overdue, modest and sensible rule proposed by DOL to protect Americans saving for retirement. DOL’s rule closes the loophole that allows Wall Street brokers and other financial advisers to put their own economic interests above the best interests of their clients saving for retirement. The bill being considered today would allow these indefensible conflicts of interest to continue.

“The bill proposes to subordinate the DOL to the SEC, which has a different statute, mandate and mission. The SEC does not have the authority to fix the DOL’s outdated 40 year-old rule governing those who advise retirement savers. Thus, forcing the DOL to wait for the SEC is just a tactic to kill these critical new protections for workers and retirees. After years of input and consideration, the DOL has all the feedback and information needed to quickly finalize this rule and give tens of millions of Americans the unbiased advice they expect and deserve.”

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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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