After months of delays, parts of the Department of Labor fiduciary rule will begin taking effect on Friday, June 9. Commenting on this important development, Jobs With Justice Executive Director Sarita Gupta released the following statement:
“It’s a great victory for working families that this commonsense solution is moving forward. Wall Street banks and their friends in elected office fought tooth and nail to stop this consumer protection as it limits the ways they can profit off working people. With these developments, Americans will be in a better position to retire with dignity and financial security.
“Secretary Acosta should continue to rebuff Wall Street’s pleas to weaken or rescind this important rule. The Department of Labor can help working people keep more of their hard-earned retirement savings if they hold investment firms accountable for complying with the new standard. Until they do, investors, retirees, community groups, and consumer advocates will monitor Wall Street firms closely to ensure they put their client’s interests ahead of their own.”
Read more on the topic here.