(Washington, D.C.) – U.S. Senators Patty Murray (D-WA), Cory Booker (D-NJ), and Elizabeth Warren (D-MA) issued the following joint statement on the decision by Secretary of Labor Alexander Acosta not to delay the implementation of the conflict-of-interest rule, which requires retirement investment advisers to act in the best interests of their clients.
“This common sense rule eliminates conflicts of interests and requires financial advisers to put investors’ interests first, putting a stop to the practices that cost hardworking families saving for their retirement $17 billion every year. While we are relieved that the Labor Department decided not to delay this important rule, the only thing that stopped the administration from hurting hardworking Americans were the legal barriers they faced. We will fight any further efforts to undermine this important step forward,” the senators said.
Secretary Acosta’s announcement in the Wall Street Journal yesterday followed months of pressure by Murray, Booker, and Warren. Most recently, last week, the Senators sent a letter led by Murray to Secretary Acosta expressing concerns over reported statements that he was looking to permanently “freeze” the common-sense rule. And in March, Murray, Booker, and Warren, along with twelve of their Senate colleagues, sent a comment letter to Secretary Acosta opposing the proposed delay of the rule.
The rule was delayed while the Department of Labor began its reassessment, under a directive from President Trump made in February.