March 15, 2017
By AFL-CIO Director of Policy Damon Silvers
Washington, DC - Despite all of the talk we heard during the election, it’s shaping up to be more business as usual in Washington, D.C., for Wall Street.
The Trump administration already has begun working with Wall Street lobbyists and Republicans in Congress to once again deregulate Wall Street at the expense of working people.
One of those regulations is called the fiduciary rule, and it is scheduled to take effect next month. This rule requires financial professionals who provide investment advice to retirement investors to put their clients’ best interest ahead of their own financial interest. It’s a commonsense rule to protect the retirement security of working families.
Right now, Wall Street bankers are aggressively fighting to delay and, ultimately, kill it. The Department of Labor already has said it wants to delay the rule, and we all know in D.C. that delay is a code word for killing something.
The Department of Labor is taking public comments on this rule and we need to flood the department with comments in support of the rule before the deadline on Friday, March 17.
Wall Street interests have lobbied hard to kill this rule since it first was proposed. They want to maintain the status quo so some financial advisers can get big commissions and kickbacks when they convince retirement investors to invest in certain products—even when those products are not in the best interest of their clients.
This rule is critical to promoting retirement security for working people. It means we will have more of our hard-earned funds available for a secure and dignified retirement. Wall Street insiders are hoping they can keep their efforts to weaken this rule under the public’s radar. Let’s show them we’re not going to let them.