July, 21 2015, 02:00pm EDT
For Immediate Release
Contact:
Mario K. Salazar, USPIRG Federal Legislative Director
Office: 202-546-9707
Email: mario@pirg.org
Over 7,000 Comments Submitted to Department of Labor: Consumers Support Closing "Retirement Advice Loophole"
WASHINGTON
Today the U.S. Public Interest Research Group submitted comments to the Department of Labor from 7,244 consumers across the country in support of a strong rule that would require financial professionals to act in the best interests of the hard-working Americans that turn to them for retirement advice.
The comments read:
"I've worked hard to save for retirement. I should be able to trust my financial adviser to put my interests first. But loopholes in the current rules make it easy for some advisers to take advantage of hard-working Americans like me and line their own pockets with our retirement savings.
Financial advisers should be working in our best interest and should be held genuinely accountable for helping everyday Americans choose the best retirement investments. It's time for the Department of Labor to close this loophole now by finalizing RN: 1210-AB32."
"A strong rule from the Department of Labor would ensure that American workers have the peace of mind of knowing their retirement advisors are being held accountable to provide them with sound advice" said Mario Salazar, Legislative Director for U.S. PIRG.
U.S. PIRG, the federation of state Public Interest Research Groups (PIRGs), stands up to powerful special interests on behalf of the American public, working to win concrete results for our health and our well-being. With a strong network of researchers, advocates, organizers and students in state capitols across the country, we take on the special interests on issues, such as product safety,political corruption, prescription drugs and voting rights,where these interests stand in the way of reform and progress.
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