03.19.18

Scott, Waters, Kildee and Ellison Statement on Appeals Court Decision to Vacate Fiduciary Rule

WASHINGTON – In response to the U.S. Court of Appeals for the Fifth Circuit’s ruling to vacate the U.S. Department of Labor’s fiduciary rule, Congressman Bobby Scott (D-VA), Ranking Member of the House Committee on Education and the Workforce; Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services; Congressman Dan Kildee (D-MI), Vice Ranking Member of the House Committee on Financial Services; and Congressman Keith Ellison (D-MN) issued the following statement. The common sense rule, which is partially in effect, simply requires financial advisers to act in the best interests of their retirement clients. Up to this point, several federal district courts and the 10th U.S. Circuit Court of Appeals have upheld the rule.

“The Fifth Circuit’s appeals court ruling will only benefit unscrupulous financial advisers who put their own financial interests and profit motives ahead of their retirement clients. Senior citizens and hardworking Americans saving for retirement deserve to be protected, which is why numerous courts across the country have upheld this common sense rule. We have long opposed any efforts to undermine this critical protection and will continue to fight for workers and families to ensure they aren’t ripped off when investing their hard-earned retirement savings.”

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