Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services; Congressman Bobby Scott (D-VA), Ranking Member of the House Committee on Education and the Workforce; Senator Sherrod Brown (D-OH), Ranking Member of the Senate Banking Committee, and Senator Patty Murray (D-WA), Ranking Member of the Senate Health, Education, Labor and Pensions Committee, made the following statement in response to the U.S. Securities and Exchange Commission’s (SEC) Fiduciary Rule proposal:

“Now that the Securities and Exchange Commission has finally taken this long-awaited action as authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act, we must ensure the final rule provides the necessary protections so that workers and families are not ripped off when investing their hard-earned savings. Under the Obama Administration, the U.S. Department of Labor conducted a thorough, thoughtful and transparent process in finalizing its fiduciary rule. This was necessary to protect our nation’s retirement savers from unscrupulous financial advisers that siphon off $17 billion from their retirement accounts each year. We urge the Chairman and Commissioners to issue a final rule that matches the Department of Labor rule’s protections, and requires financial advisers to put the interests of savers and retirees first—not their own.”

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