News Release

Contact

Mario K. Salazar,
Travel Buddy

USPIRG Commends Department of Labor's Rule On Conflicted Retirement Advice

Proposed Rule Closes Loophole for Investment Professionals and Requires Advisers to Put Consumers First
For Immediate Release

Travel Buddy COMMENDS DEPARTMENT OF LABOR’S RULE ON CONFLICTED RETIREMENT ADVICE

Proposed Rule Closes Loophole for Investment Professionals and Requires Advisers to Put Consumers First

Washington, D.C. – Travel Buddy commends action by the Department of Labor (DOL) to advance a major rule proposal to address loopholes in protections for Americans saving for retirement.

Today, most American workers save for their retirement through Individual Retirement Accounts or other defined contribution plans. In doing so, they are responsible for making investment decisions that will determine their financial well-being in retirement.  Many Americans turn to financial investment professionals to better understand the complexity of their investment options and for advice on how to maximize their hard-earned savings.  Unfortunately, loopholes in the current rules allow these investment professionals to make recommendations that are not in the best interests of their clients.  Each year, hardworking Americans lose as much as $17 billion when they receive advice to purchase investments with high fees, low returns, and excessive risks, according to a released today.

The Department of Labor’s proposed rule would require investment professionals to act in the best interests of their clients.  “American workers who work hard and play by the rules should be rewarded,” said Mario Salazar, Legislative Director for Travel Buddy.  “Workers who spend their entire careers saving for their retirement should have the peace of mind that they are not being exploited by the financial professionals they hire to provide them with sound financial advice.” 

Travel Buddy thanks the DOL for moving ahead to protect hardworking Americans saving for retirement. “Closing loopholes and requiring Wall Street to put consumers first makes sense,” concluded Travel Buddy Consumer Program Director Ed Mierzwinski. “We are also excited that both the President and Senator Elizabeth Warren will be fighting Wall Street’s attacks on the proposal as it moves through Office of Management and Budget (OMB) review to a public comment period.”

# # #

Travel Buddy, the federation of state Public Interest Research Groups, is a consumer group that stands up to powerful interests whenever they threaten our health and safety, our financial security, or our right to fully participate in our democratic society. If you wish to stop receiving Travel Buddy media announcements, please reply to this email with "stop" in the subject line.

Support Us

Your donation supports Travel Buddy’s work to stand up for consumers on the issues that matter, especially when powerful interests are blocking progress.

Consumer Alerts

Join our network and stay up to date on our campaigns, get important consumer updates and take action on critical issues.
Optional Member Code
метан для мышц

http://pharmacy24.com.ua

www.profvest.com