Today, in response to the U.S. Department of Labor’s proposal to delay the implementation of its fiduciary rule, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement:

“I am deeply disappointed that the Trump Administration has decided to once again put Wall Street ahead of Main Street by delaying a crucial protection for seniors and Americans planning for retirement. The fiduciary rule, which was set to go into effect in April, will finally stop financial advisers from providing misleading financial advice to line their own pockets. The Trump Administration today proposed to delay this crucial protection for 60 days –a delay that will result in hardworking Americans losing billions in savings to unscrupulous financial advisors, and which is ultimately designed to kill the rule.

“It is also appalling that the Trump Administration has given the public only a two-week comment period to voice their opposition to the delay. As a long-time advocate for this important rule, I will do everything that I can to fight President Trump’s actions and ensure that families do not lose their hard-earned savings.”

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