Washington, DC–(ENEWSPF)–April 28, 2016. Today, Rep. Jan Schakowsky gave the following floor speech against the Republican resolution of disapproval on the fiduciary rule:
“86% of Americans believe that we are facing a retirement crisis in this country and 75% are concerned about their own ability to have a secure retirement. More Americans fear outliving their money than death, and 8 in 10 want us to help them have a guaranteed stream of income in retirement.
“That is why I am so amazed that my Republican colleagues are pushing this resolution of disapproval on a carefully-crafted, thoughtfully-designed rule to improve retirement security.
“We’ve moved to an era where most workers – if they are offered any pension plan at all – are given defined contribution options like self-directed IRAs and 401(k)s. That means that their retirement security relies the individual decisions that they make – and many turn to financial advisers for guidance. They believe that when they pay for advice, the advice they will be given will be in their best interest. And the rule that my Republican colleagues want to overturn would ensure that is the case.
“What happens when retirement investment advice isn’t in the client’s best interest? Hard-earned retirement dollars are lost. It’s estimated that Americans lose $17 billion a year because of conflicted advice – and that individuals could lose nearly 25% of their assets over a 35-year period.
“Working women and men in this country and retirees are struggling – and the “best interest standard” is one step to help them. I urge all of my colleagues to stand up for retirement security – to reject this dangerous resolution.
“The ‘best interest’ standard shouldn’t just apply to financial advisers – it should apply to Congress. So let’s vote to protect the “best interest” of our constituents.”