03.01.17

Scott Statement on Proposed Delay of Critical Retirement Savings Protection

WASHINGTON – Committee on Education and the Workforce Ranking Member Bobby Scott (VA-03) issued the following statement after the Department of Labor proposed a 60-day delay of the important “conflict of interest” rule, which would simply protect workers’ hard-earned retirement savings and ensure that financial advisors act in the best interests of their retirement clients.

“The Trump Administration’s proposed delay of this important rule would continue an unacceptable status-quo that is eroding workers’ retirement savings and costing them $17 billion annually. It also would needlessly undermine those in the industry who adjusted their business models and invested resources to be able to comply with the rule by its initial implementation date of April 10. While the final rule was the product of a thoughtful, thorough, and transparent multi-year process, the Administration is rushing to delay it.  As a result, workers’ retirement benefits remain vulnerable to unscrupulous advisers.”

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