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Better Markets Applauds Labor Department's Historic Rule Beating Wall Street and Putting Retirement Savers’ Best Interests First

FOR IMMEDIATE RELEASE
Tuesday, April 6, 2016
Contact: Shanessa Bryant, 202-618-6433 or sbryant@bettermarkets.com

Washington, D.C. –  Dennis Kelleher, President and CEO of Better Markets, issued this statement on the release of the Department of Labor’s (DOL) final rule requiring that brokers and other financial advisers giving retirement advice must put their clients’ best interests first, which will protect hardworking retirement savers from conflicts of interest: 

“The DOL’s historic action today will directly help tens of millions of hardworking Americans trying to save for retirement.  At a time when too many believe that Washington works for Wall Street rather than Main Street, this is a great victory for the America people who beat all the power, money and lobbying might of Wall Street, which waged a relentless war against this simple and sensible rule to require financial advisers at brokerage firms and insurance companies to put their clients’ best interests first.  As a direct result, Americans will no longer lose tens of billions of dollars every year to high fees and poor returns.  Rather than paying for brokers’ bonuses and fancy trips, that money will now help Americans retire with dignity and security. 

“We applaud President Obama and his Administration for their steadfast support for this vital reform, including especially DOL Secretary Tom Perez and his entire team for their tireless work and dedication on behalf of our nation’s workers and retirees.”

 

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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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