Over 7,000 Comments Submitted to Department of Labor

Media Contacts
Mario K. Salazar

Consumers Support Closing “Retirement Advice Loophole”

U.S. PIRG

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.

-30-

The PIRGs are founding members of the coalition SaveOurRetirement.com, which is working to enact a strong retirement savings rule.

PIRG gift
staff | TPIN

A gift that gets rid of all that plastic packaging

This week make a Giving Tuesday gift that will help tackle single-use plastic, eliminate dangerous pesticides, and take on other important issues.

Donate today