(Washington, D.C.) – Today, Senator Patty Murray (D-WA), the top Democrat on the Health, Education, Labor, and Pensions (HELP) Committee, delivered remarks at a press conference announcing the Department of Labor’s final fiduciary rule that will require financial advisers offering advice on retirement investments to put their clients’ interests first. Currently, financial advisers are not required to act in their clients’ best interest, which costs investors about $17 billion every year, according to the White House Council of Economic Advisers. The new fiduciary rule will create a best interest standard.
Key excerpts from Senator Murray’s remarks:
“I know this comes as a surprise to so many seniors—but before this new rule—financial advisers and investment brokers didn’t have to give their customers retirement advice that was in the customers’ best interest! Instead, they were allowed to push workers and seniors into financial products that lined their own pockets—even when it hurt the customers. That is absolutely wrong—it’s unfair—and today, thanks to this new protection and the hard work of Secretary Perez and the Department of Labor—it’s going to change.”
“I am very glad that the Department heard from consumer groups and so many other stakeholders. And many firms and advisors are already doing the right thing and putting families first. But we can’t depend on advisers always acting in their clients’ best interest—families need this guarantee. So today is an important step—and I want to say to those who want to keep the status quo and keep the scales tilted in favor of the big banks and the wealthiest few, and who may be thinking about trying to reverse this rule in Congress—we are not going back!”
Full text of Senator Murray’s remarks:
“Over the years, working families across the country have done everything right.
“They’ve worked hard. They’ve put money away for retirement. And they’ve invested their savings.
“They trusted that if they did this—if they played by the rules—they could expect to be treated fairly in a system that was supposed to work for people like them.
“Unfortunately, for far too many of them—that hasn’t been the case.
“Because before today, when it came to retirement savings, the scales were tilted in favor of the big banks, the biggest corporations, and the wealthiest few.
“I know this comes as a surprise to so many seniors—but before this new rule—financial advisers and investment brokers didn’t have to give their customers retirement advice that was in the customers’ best interest!
“Instead, they were allowed to push workers and seniors into financial products that lined their own pockets—even when it hurt the customers.
“That is absolutely wrong—it’s unfair—and today, thanks to this new protection and the hard work of Secretary Perez and the Department of Labor—it’s going to change.
“If someone is giving people advice on their retirement nest egg, they should put their clients’ best interests ahead of their own profits and self-interest.
“The customer should come first—not the financial adviser.
“I am very glad that the Department heard from consumer groups and so many other stakeholders.
“And many firms and advisors are already doing the right thing and putting families first.
“But we can’t depend on advisers always acting in their clients’ best interest—families need this guarantee.
“So today is an important step—and I want to say to those who want to keep the status quo and keep the scales tilted in favor of the big banks and the wealthiest few, and who may be thinking about trying to reverse this rule in Congress—we are not going back!
“This new rule is too important for seniors.
“It’s too critical for workers—and it is one more step in making sure our economy can grow from the middle out, not the top down.
“Thank you.”
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