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September 24, 2015

Statement on More Than 90 House Democrats Agreeing that the DOL’s Best Interest Fiduciary Rule is Necessary and Appropriate

FOR IMMEDIATE RELEASE
Thursday, September 24, 2015
Contact: Jeff Gohringer, 202-618-6430 or jgohringer@bettermarkets.com

Better Markets Statement on More Than 90 House Democrats Agreeing that the DOL’s Best Interest Fiduciary Rule is Necessary and Appropriate

Washington, DC — Better Markets President and CEO Dennis Kelleher released this statement regarding the letter from more than 90 House Democrats sent to Labor Secretary Tom Perez today endorsing the need for the Department of Labor’s best interest fiduciary rule:

“Today’s letter from more than 90 members of the House recognizes the need for the Department of Labor to end conflicts of interest, put the best interests of clients first and to better protect tens of millions of Americans saving for retirement.  Such broad based support from so many members of Congress demonstrates both the importance and urgency of updating this 40 year-old rule. We are confident that the Department will carefully consider the suggestions in this letter.  However, these or similar suggestions have already been raised during the Department’s unprecedented 150 day-long comment process, which followed years of input and deliberation.  The Department has all the information it needs to finalize this rule, which it should do quickly. Ending these egregious conflicts of interest will finally put the best interests of Americans saving for retirement first so they can look forward to retiring with dignity and security.”

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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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