Lowey and DeLauro Statement on Fiduciary Rule
Congresswoman Nita Lowey (D-NY), Ranking Democrat on the House Appropriations Committee, and Congresswoman Rosa DeLauro (D-CT), Ranking Democrat on the Appropriations Subcommittee on Labor, Health and Human Services, and Education, today issued the following statement on the expected Executive Order rescinding the Department of Labor “fiduciary rule,” which House Republicans have also repeatedly attempted to undermine through the Appropriations process:
“Having run a campaign decrying a system “rigged” against ordinary Americans, it is unconscionable that President Trump will make it easier to swindle hardworking Americans out of their retirement savings.
“It is common sense and common decency that investment advisers should be required to work in the best interest of their clients and avoid conflicts of interest in their advice. Rescinding or gutting this rule opens the door for unscrupulous salesmen to recommend investment products that are good for the adviser, but bad for the individual relying on that money for a dignified retirement.
“Talk is cheap; actions matter. President Trump’s action demonstrates a reckless disregard for the financial security of retired or soon-to-retire Americans.”