Murray Pans SEC’s Flimsy Investor Protection Rule Which Represents a Step Down From Proposed Rule

Murray: “People across the country deserve to know the professionals they turn to for help planning their financial futures are putting their clients’ financial security ahead of their own bottom line.”

Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), ranking member of the Senate Health, Education, Labor, and, Pensions (HELP) Committee, released the following statement in response to the Securities and Exchange Commission’s (SEC) new rule which was authorized by the Dodd-Frank Act and will shape the Department of Labor’s forthcoming fiduciary rule that is supposed to protect retirement savers.

“The SEC’s flimsy rule is a sad excuse for an investor protection and doesn’t come close to meeting the standard that Congress authorized in the Dodd-Frank Act and families deserve. People across the country deserve to know the professionals they turn to for help planning their financial futures are putting their clients’ financial security ahead of their own bottom line. As the Department of Labor considers its own path forward after refusing to defend its previous rule requiring financial advisors to work in their clients’ best interests, I urge it to reverse course and implement a strong rule that actually protects our working families and retirement savers, rather than following this disappointingly weak approach.”

Senators Murray and colleagues previously wrote to the Department of Labor concerned about its decision not to defend the stronger Obama-era fiduciary standard in court.

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