Henderson, Nev. – Jacky Rosen, Democratic candidate for Nevada’s 3rd Congressional District, released the following statement condemning House Republicans who voted yesterday to block a Department of Labor rule banning financial advisors from scamming retirees:
“Yesterday, House Republicans endorsed a shameless ploy to allow Wall Street bankers to prey on seniors by overturning a commonsense rule that requires financial advisors to have their client’s best interests at heart – not their own profits – when providing investment advice for retirement accounts. Seniors here in Southern Nevada who have worked hard their entire lives to save for retirement deserve to know their financial advisor isn’t giving them bad advice. I will always stand up in Congress to ensure hard-working Nevadans have a fair shot at retiring comfortably and with dignity.”
Before this new standard, financial advisers were only required to give “suitable” advice to their clients. The White House estimates that conflicted investment advice is costing Americans an estimated $17 billion a year in retirement savings.