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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."
We also submitted a detailed expert comment of our own in the important "conflicted advice" rulemaking.
"A strong rule from the Department of Labor would ensure that Americans who work hard and save for their retirements have the peace of mind of knowing their retirement advisors are working for them," said Mario Salazar, Legislative Director for U.S. PIRG.
The PIRGs are founding members of the coalition SaveOurRetirement.com, which is working to enact a strong retirement savings rule.
Your tax-deductible donation supports Illinois PIRG Education Fund’s work to educate consumers on the issues that matter, and the powerful interests that are blocking progress.
You can also support Illinois PIRG Education Fund’s work through bequests, contributions from life insurance or retirement plans, securities contributions and vehicle donations.