Financial advisers now owe their clients a duty to put their interests first when giving retirement advice. This change is a huge victory for ordinary Americans investing for a secure retirement, one that will put billions of dollars back in their pockets.
Consumers, investors and anyone who felt the impact of the financial crisis and recession will want to fight to ensure that not just the whole bill, but the set of dangerous proposals it includes, die in the Senate.
“Putting the greed of campaign contributors ahead of the public interest, lawmakers are preparing to take a wrecking ball to reforms that addressed a devastating financial crisis and recession.”
Today, a coalition of organizations representing workers, students, consumers, and borrowers delivered a petition with over 400,000 signatures calling on Congress to defend the crucial work of the Consumer Financial Protection Bureau.
“Marcus Stanley, policy director at Americans for Financial Reform, said that he has a hard time taking Trump at his word, especially since he has populated his administration with finance executives. ‘So far, Trump has just talked up Glass-Steagall without actually doing anything, which is what you’d expect from a guy who puts big banks in charge of policy,’ said Stanley, whose group would like to see the law reinstated.”
“’Contrary to its title, H.R. 10 would deprive consumers and investors of any choice of their day in court when resolving serious disputes with powerful financial institutions and force them into a rigged system,’ Amanda Werner, arbitration campaign manager with Americans for Financial Reform and Public Citizen, said in a statement.”