Scott, Sanders Applaud Biden Labor Department Proposal to Close Loopholes and Level the Playing Field for Retirement Savers
WASHINGTON – Yesterday, 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.) applauded the Department of Labor’s (DOL) proposal to protect workers’ retirement savings.
The proposal, which holds trusted advisers to a fiduciary standard under the Employee Retirement Income Security Act of 1974 (ERISA) when making investment recommendations to their retirement clients, ensures workers receive advice that is in their best interests.
“The Proposed Rule is critical for American workers who have been asked to bear the burden of saving for retirement and take on the risk of investing in an ever more complex and volatile market,” the Members wrote.
The DOL proposal “responsibly closes loopholes and provides a narrowly tailored, uniform approach that reflects the reasonable expectations of America’s workers that they will receive financial retirement investment advice that is in their best interest. We commend the Department for engaging in such a deliberative process with stakeholders and look forward to the Department finalizing this important consumer protection,” the Members continued.
Read the full text of the letter here.
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