Murray: “We should be finding ways to protect people saving for retirement from being taken advantage of by those at the top—not making it easier”
(Washington, DC) – Senator Patty Murray (D-WA), top Democrat on the Senate Health, Education, Labor and Pensions (HELP) Committee, issued the following statement on President Trump’s memorandum to the Acting Secretary of Labor calling for a study of the conflicts of interest rule to serve as a basis to rescind or revise the rule:
“In pushing to delay this important rule, President Trump is sending yet another clear message that he’s going to stand with Wall Street rather than workers and families nationwide who are worried about when, and if, they’ll be able to retire. We should be finding ways to protect people saving for retirement from being taken advantage of by those at the top—not making it easier. I urge President Trump to reconsider this harmful step and join Democrats in working to prevent conflicts of interest that hurt families’ access to retirement.”
The Department of Labor’s conflict of interest rule went into effect in June of last year to help workers and families get unbiased information when it comes to their investments. It is estimated that conflicts of interest in retirement advice cost families $17 billion a year.