Scott Statement on Administration Efforts to Endanger Retiree Savings
WASHINGTON – Ranking Member Bobby Scott (VA-03) issued the following statement after the Trump Administration effectively halted the implementation of the final “conflicts of interest” rule that would protect workers’ retirement savings and ensure they receive investment advice that’s in their best interest. Currently, retirement investors and their families lose $17 billion annually as a result of receiving conflicted advice.
"With today's announcement, President Trump is enabling some financial advisors to endanger retirement savings again. The President is putting Wall Street, big banks, and corporate interests over the workers, retirees, and other Americans to whom he pledged allegiance during his inaugural address. Today's action is an affront to millions of Americans who deserve retirement investment advice that's in their best interest, and to those businesses that have spent millions of dollars to comply with the rule in advance of the upcoming April effective date. This will not create jobs, will not strengthen working families, and will not restore balance to the economy – but it will endanger workers’ life savings.”
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