Commentary: The Co-Chairs of the Congressional Progressive Caucus (CPC), Reps. Raúl M. Grijalva (D-AZ) and Keith Ellison (D-MN), have released the following statements regarding the House vote on the Department of Labor’s fiduciary rule to require investment advisors to put their clients’ best interests first when advising on retirement accounts:
“With this resolution, Congressional Republicans are literally working to ensure financial advisors face no consequences for knowingly providing bad financial advice,” Rep. Grijalva said. “While many financial professionals are perfectly ethical in their work, some have made a practice of providing guidance that is more financially beneficial to the advisor than the client. The blatantly shameful legislation we are voting on today will directly withhold protections preventing that practice. Republicans are making it crystal clear that they prioritize the financial industry above retirees and all Americans interested in saving for tomorrow.”
“Today’s effort by Republicans to undermine the Fiduciary Rule could cost Americans billions and make their retirements less secure,” Rep. Ellison said. “Receiving sound investment advice is something every American needs and deserves. For fifteen years, advocates and progressives have fought to require that financial advisors put their client’s best interest first. Today’s last-gasp effort by Republicans shows that they prioritize the profits of financial advisors ahead of the needs of the American people.”
