Scott Commends the Department of Labor on Efforts to Strengthen Consumer Protections
Proposed rule takes aim at conflicted and bad retirement advice
WASHINGTON — Congressman Robert C. “Bobby” Scott (D-VA), Ranking Member of the House Committee on Education and the Workforce, released the following statement after the Department of Labor released its Notice of Proposed Rulemaking that will provide new standards to ensure retirement advisors act in the best interest of their clients when giving investment advice:
“Today, the Department of Labor took a much needed step to protect the hard-earned retirement savings of American workers by proposing a rule to curb conflicted investment advice. While we need to do more to help workers save for retirement, the very least we can do is safeguard the retirement investments they have already made by strengthening protections against unscrupulous and conflicted investment advice. I look forward to continuing to work with the Department of Labor and other stakeholders to protect and enhance retirement security for America’s workers.”
To review the Department’s proposed rule, click here.
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