04.06.16

Scott Statement on Administration Efforts to Protect Retirees, Investments

WASHINGTON – Ranking Member Robert C. “Bobby” Scott (VA-03) issued the following statement after the U.S. Department of Labor (DOL) released the final “conflict of interest” rule to protect workers’ retirement savings and ensure they receive investment advice that’s in their best interest.

“I strongly support the Department of Labor’s ‘conflict of interest’ rule, which finally closes gaping loopholes in a critical retirement savings regulation that dates back to 1975. When workers seek out personalized financial advice on how to invest their retirement nest egg, they are making one of the biggest financial decisions of their lives. These workers and their families often place their full trust and confidence in their financial advisor.

“Many financial advisors do right by their retirement clients, but others do not. These unscrupulous professionals can get away with providing ‘conflicted advice’ and putting their financial interests ahead of their retirement clients’ just by burying boilerplate disclaimers in the fine print. That’s wrong, and that’s precisely what the Department seeks to end in this final rule. 

 

“In the weeks and months ahead, I look forward to working with the Administration and my colleagues as this new rule is put into place to ensure retirees receive advice that is in their best interest.”

 

Fact Sheet: Final Rule to Protect Retirement Savings

 

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