04.23.24

Ranking Member Scott Applauds Biden Administration’s Action to Protect Americans’ Retirement Savings

WASHINGTON – Ranking Member Scott issued the following statement after the Biden administration released a final rule to close loopholes and prevent unscrupulous financial advisers from ripping off their retirement clients.

“Every hardworking American deserves access to a secure and dignified retirement. Unfortunately, workers today are left wondering whether the retirement investment advice they receive is in their best interest or the financial interest of their advisers.  While most advisers put their retirement clients’ interests first, unscrupulous retirement professionals continue to pad their own pockets by steering clients to high-fee investment products that produce lower returns for retirement savers. 

“That is why I applaud President Biden and Acting Secretary Su for their efforts to end this insidious practice by issuing a final rule that makes clear that retirement advisers must put their clients’ interests first. This final rule will directly impact Americans retirement savings.  According to the White House, requiring advisers to make recommendations in their retirement clients’ best interests can add up to 20 percent more retirement savings over their lifetime.

“I applaud the Biden-Harris Administration for once again standing up for American workers, protecting their retirement security, and building the economy from the bottom up and middle out.”

Education and the Workforce Committee Ranking Member Robert C. “Bobby” Scott (VA-03) and Chairman of the Senate Health, Education, Labor, and Pensions (HELP) Committee Senator Bernie Sanders (I-Vt.) sent a comment letter to the Department of Labor’s on the initial proposal to protect workers’ retirement savings. To read the letter, click here.

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