Press Releases

Rep. Beyer Backs Labor Rule to Protect Savings

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Washington, April 6, 2016 | Thomas Scanlon (202 225 4376) | comments

Congressman Don Beyer released the following statement after Secretary Tom Perez announced the Department of Labor’s new rule to protect low and middle income Americans planning for their retirement from conflicted financial advice:

“I strongly support the Department of Labor’s final conflict of interest rule. Secretary Perez has done remarkable work to protect retirement savers and ensure that they get advice that is in their best interest. This is of particular import to the moderate and low income savers who have been most seriously impacted by conflicted advice. While the vast majority of financial advisors work honestly and hard on behalf of their clients, the costs to savers from the minority of advisors who do not adhere to the highest standards of the profession is real and significant.  Americans can now seek retirement advice secure in the knowledge that their advisers must put their clients’ interests first.  

Secretary Perez and his staff have also worked tirelessly to make sure that all stakeholders were heard in the rulemaking process and that the final rule is both strong and workable. I will not support legislation to block the implementation of the rule.”
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Tags: Economy