Waters, Scott, Kildee and Ellison Statement on Appeals Court Decision to Vacate Fiduciary Rule

WASHINGTON, D.C. - In response to the U.S. Court of Appeals for the Fifth Circuit’s ruling to vacate the U.S. Department of Labor’s fiduciary rule, 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; Congressman Dan Kildee (D-MI), Vice Ranking Member of the House Committee on Financial Services; and Congressman Keith Ellison (D-MN), made the following statement:

“This appeals court ruling will benefit unscrupulous financial advisers who put their own financial interests and profit motives ahead of their retirement clients. Senior citizens and hardworking Americans saving for retirement deserve to be protected, which is why numerous courts across the country have upheld this common sense rule. We oppose any efforts to undermine this critical protection and will continue to fight for workers and families to ensure they aren’t ripped off when investing their hard-earned retirement savings.”

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