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Articles tagged with: Fiduciary Duty

Joint Statement: 225,000 Americans tell Congress and Obama Administration to follow through on a strong fiduciary-duty rule for retirement advisers
April 24, 2015 – 9:26 am

With a public review process just getting underway, CREDO Action, MoveOn.org, AFR and Public Citizen have submitted petitions in which more than 225,000 people tell lawmakers and regulators to uphold the promise of strong action to protect Americans against self-serving retirement advice.

Joint Statement: AFR and 40 Major Groups Applaud Public Release of DOL’s Proposal to Protect Americans’ Retirement Savings
April 14, 2015 – 4:18 pm

“Members of the SaveOurRetirement.org coalition and a diverse collection of public interest groups, civil rights leaders, labor unions, professional organizations and others today commended the public release of the Department of Labor’s (DOL) proposed rule to protect Americans from conflicts of interest when brokers and other financial advisers give retirement investment advice.”

AFR in the News: About That Bill Name (Politico)
March 11, 2015 – 10:32 am

“Americans for Financial Reform is urging Congress to reject Rep. Ann Wagner’s bill to halt Labor Department’s fiduciary duty rule. In a March 10 letter to Congress, AFR says: ‘On behalf of Americans for Financial Reform, we are writing to express our opposition to HR 1090, the ‘Retail Investor Protection Act.’ This misnamed legislation in fact eliminates needed protections for retail investors … Financial professionals not covered by a fiduciary duty are legally free to recommend investments that benefit them, the seller of the product, at the expense of the customer who is saving for their future.’”

Joint Letter: AFR Joins 26 Allies in Applauding DOL’s Commitment to Fiduciary Rule
February 25, 2015 – 1:28 pm

“As organizations that support strengthening protections for retirement savers, we write to thank you for sending a proposed rule to the Office of Management and Budget (OMB) to update and close loopholes in the 40-year-old rules that apply when individuals receive professional advice about retirement investments. Updating protections for retirement savers is urgently needed and long overdue.”

AFR in the News: How The Obama-Warren Retirement Security Plan Almost Got Strangled In The Cradle (Huffington Post)
February 25, 2015 – 9:58 am

“President Barack Obama unveiled a significant retirement security proposal with Sen. Elizabeth Warren (D-Mass.) on Monday, announcing plans to bolster retirement accounts by curbing conflicts of interest on Wall Street… Obama’s decision to put political capital behind a new rule has encouraged many financial reform advocates. ‘It makes sense, it’s right and it’s important,’ said Lisa Donner, executive director of Americans for Financial Reform.”

AFR Statement: AFR Welcomes Administration’s Call for a Strong Fiduciary-Duty Requirement
February 23, 2015 – 6:11 pm

President Obama came down squarely on the side of working families when he announced his support for reforms to establish a higher standard for investment advice. Developed and championed by the Department of Labor (DOL), these reforms will update a set of 40-year old rules governing those who give advice affecting the investment of money in employee retirement plans.

Press Release: Petitions Urge Congress and Obama Administration to Back a Strong Fiduciary-Duty Rule for Retirement-Planning Advisers
February 20, 2015 – 8:20 am

In recent years, it has become more and more difficult for most people to save for retirement. At the same time, a great many hardworking Americans have missed out on tens or even hundreds of thousands of dollars in potential retirement savings by following the advice of financial professionals who, because of outdated rules, are allowed to put their own interests ahead of the interests of those they advise…

AFR in the News: Lawmakers’ Push for SEC/DOL Fiduciary Collaboration a ‘Tactic,’ Consumer Groups Say
May 7, 2014 – 8:18 am

“It’s absurd to suggest that DOL should step aside to wait and see” if the SEC acts, said Barbara Roper of the CFA. Lisa Donner, executive director of Americans for Financial Reform, added that Congress’ repeated requests for collaboration between the two regulators on their rules “feels like it’s a tactic, and is not grounded in either regulatory or statutory sense.”