Ranking Member Scott Applauds Proposed Rule to Strengthen America’s Retirement Security

WASHINGTON – Ranking Member Scott issued the following statement after the Biden administration announced a proposed 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 and make clear that all retirement advisers must put their clients’ interests first.  This proposal is expected to have a meaningful impact on workers’ retirement savings.  Specifically, 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.

“By proposing this action, the Biden administration is once again standing up for American workers and protecting their retirement security.”


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