DeLauro Applauds Expected Update to Rules Protecting Americans from Unscrupulous Financial Advisors

WASHINGTON, DC—Congresswoman Rosa DeLauro (D-CT) released the following statement today applauding President Obama’s expected update to rules protecting Americans’ retirement security. The change is expected to require financial advisers offering employer-sponsored benefit plans to act in the best interests of their clients.

“This is an important step toward greater retirement security for millions of Americans. People who are saving for old age rely on their retirement advisers to guide them through a complicated array of investment options.

“But some unscrupulous advisers push financial products they are paid to promote, whether or not it is in their client’s best interest. Current regulations allow this to happen legally, costing workers money they thought they were setting aside for a more comfortable retirement. That is a scandal.

“Today, the Administration has taken action to close this loophole by requiring advisers to act only in the best interests of their clients. I applaud this move. Millions of people already have too little set aside for old age. Today’s action will help protect those who are doing the right thing by saving for their retirement.”

DeLauro is the senior Democrat on the subcommittee responsible for funding the U.S. Department of Labor.


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