Today, in response to the U.S. Department of Labor’s announcement that it will proceed with a 60-day delay of the fiduciary rule, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, made the following statement:

“I am extremely displeased that the Trump Administration has delayed the fiduciary rule, which would finally protect seniors and hardworking Americans saving for retirement from unscrupulous and self-serving financial advisors. With less than a week from the planned implementation date of the rule, the Trump Administration has recklessly denied these important protections for another three months. This delay is unreasonable, unnecessary, and harmful to millions of retirement savers. It’s been clear from the beginning that the only motive behind the delay is to buy time to find a way to kill the rule.”

In March, Ranking Member Waters, Representative Bobby Scott (D-VA), Ranking Member of the House Committee on Education and Workforce, Representative Elijah Cummings (D-MD), Ranking Member of the House Committee on Oversight and Government Reform, and 37 other Democratic Members of Congress sent a letter to Ed Hugler, Acting Secretary of the U.S. Department of Labor (DOL), expressing opposition to the DOL’s proposed 60-day delay of its fiduciary rule.

Representative Waters has been a longtime supporter of the fiduciary rule, and has opposed other attempts to weaken or impede it.

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