Pelosi Statement on New Rules to Strengthen Retirement Security
Washington, D.C. – Democratic Leader Nancy Pelosi released the following statement regarding the Administration’s new proposal to protect families’ retirement security by requiring financial advisers offering employer-sponsored benefit plans to abide by a “fiduciary” standard, thereby acting in the best interests of their clients:
“Every year, millions of working and middle class families entrust their savings and their future to retirement advisers. While most advisers honor their responsibility to their clients, an unscrupulous few allow conflicts of interest to place their own interests above those of retirees. By accepting backdoor payments from Wall Street firms and imposing hidden fees, these advisers offer bad counsel that can result in retirees losing more than a quarter of their retirement savings.
“Americans scraping and saving for retirement deserve to know their financial advisor will safeguard their future – and frankly, many Americans expect this already. Holding financial advisors to a ‘fiduciary’ standard is a long overdue step that will strengthen the retirement security of every American.
“After a lifetime of hard work, families should be able to have confidence in being able to retire with dignity. With this proposed rule, we will reduce uncertainty, encourage savings, and protect the working families who are the backbone of this country.”