News & Updates

April 6, 2016

SAVE OUR RETIREMENT COALITION AND DOZENS OF ADVOCACY GROUPS APPLAUD RELEASE OF LABOR DEPARTMENT’S FINAL CONFLICT OF INTEREST RULE

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

 In Significant Victory for Workers and Retirees, Long-Awaited Rule Will Protect Americans’ Retirement Savings

 April 6, 2016, Washington, D.C. – Members of the SaveOurRetirement.org coalition and a diverse collection of consumer groups, civil rights organizations,  labor unions, financial entities and professional organizations today commended the Department of Labor (DOL) for following through on its commitment to issue a final rule designed to protect Americans from the harmful effects of conflicts of interest when brokers and other financial advisers provide retirement investment advice:

“The release of this rule is a major accomplishment in the fight to improve the retirement security of all Americans.  While we will carefully review the details of the rule in the coming days, our initial assessment is that it will at long last require all financial professionals who provide retirement investment advice to put their clients’ best interests ahead of their own financial interests. This common sense rule is long overdue. It will help all Americans keep more of their hard-earned savings so they can look forward to a more financially secure retirement. We call on every member of Congress to reject the efforts of the financial services industry to block its implementation and, instead, stand up for the hard-working Americans who deserve no less than the protections this rule will provide.”

 

The following organizations issued the above statement:

 

AARP

AFL-CIO

Alliance for Retired Americans

American Association of University Women

American Federation of Government Employees

American Federation of State, County and Municipal Employees (AFSCME)

Americans for Financial Reform

Association of University Centers on Disabilities

Better Markets

B’nai B’rith International

Center for Economic Justice

Center for Responsible Lending

Committee for the Fiduciary Standard

Consumer Action

Consumer Federation of America

Consumers Union

Demos

International Association of Machinists and Aerospace Workers

International Brotherhood of Boilermakers

International Brotherhood of Electrical Workers

International Union, United Automobile, Aerospace, & Agricultural Implement Workers of America (UAW)

Justice in Aging

Leadership Conference on Civil and Human Rights

Main Street Alliance

Metal Trades Department, AFL-CIO

National Active and Retired Federal Employees Association (NARFE)

National Consumers League

National Council of La Raza

National Women’s Law Center

OWL-The Voice of Women 40+

NAACP

National Education Association

Pension Rights Center

Public Citizen

Public Investors Arbitration Bar Association

Rebalance IRA

SAFER UMass Amherst (SAFER: A Committee of Economists and other Experts for Stable, Accountable, Fair and Efficient Financial Reform)

Social Security Works

United Food and Commercial Workers

United Steel, Paper and Forestry, Rubber, Manufacturing, Energy,

Allied Industrial and Service Workers International Union (USW)

U.S. PIRG

Woodstock Institute

Young Invincibles

 

AKPIRG

Arizona PIRG

CALPIRG

Chicago Consumer Coalition

COPIRG

ConnPIRG

Courage Campaign (CA)

Florida PIRG

Georgia PIRG

Illinois PIRG

Indiana PIRG

Iowa PIRG

Maryland PIRG

MASSPIRG

PIRGIM

MoPIRG

MontPIRG

NJPIRG

NHPIRG

NMPIRG

NCPIRG

Ohio PIRG

OSPIRG

PennPIRG

RIPIRG

Texas Consumer Association

TexPIRG

WASHPIRG

WISPIRG


Category: Press Releases