Pelosi Statement on Fiduciary Rule Taking Effect Today
Contact: Ashley Etienne/Caroline Behringer, 202-226-7616
Washington, D.C. – Democratic Leader Nancy Pelosi released the following statement today as the Department of Labor’s fiduciary rule takes effect:
“The fiduciary rule that takes effect today represents a vital step forward to enhance the retirement security of hard-working Americans everywhere. It is the fruit of strong Democratic leadership to ensure that seniors and families can have trust in their financial advisors and confidence in a dignified retirement.
“Without this rule, unscrupulous financial advisors can allow conflicts of interest to place their own financial interests above those of clients. For some, this bad counsel can result in the loss of more than a quarter of a retiree’s savings. And the atmosphere of uncertainty and distrust keeps many hard-working Americans who need sound financial advice out of the market entirely.
“But instead of protecting seniors and working families, Republicans are continuing to try to dismantle the fiduciary rule and enable special interests who prey on Americans’ retirement savings – including through House Republicans’ Wrong Choice Act and its provision to repeal this commonsense rule. Democrats will fight with all of our strength to uphold the retirement security of the American people against Republicans’ relentless Wall Street First agenda.”
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