Waters Statement on New Rules for Retirement Security
Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, released the following statement in reaction to President Obama’s announcement that he is directing his administration to move forward with a proposed rulemaking that will protect families by imposing a “fiduciary standard” on retirement advisors, which will ensure they put the interest of average Americans ahead of their profits.
“I’m pleased that President Obama is focused on putting forth rules to ensure that financial advisers are required to act in the best interest of middle class families, retirees and those saving for retirement. The report released today by the Council of Economic Advisers shows how conflicts of interest, backdoor payments and hidden fees are hurting average Americans, exacerbating income inequality and widening the racial wealth gap. I look forward to seeing the details of the proposed rule, and I applaud the President for taking this important step towards a financial system that expands opportunity and financial security for all Americans.”