For Immediate Release: May 25, 2016
Contact: Mark Brueggenjohann 202-728-6014
IBEW President on U.S. Senate Disapproval of Fiduciary Law
International Brotherhood of Electrical Workers President Lonnie R. Stephenson issued the following statement in response to the U.S. Senate’s vote of disapproval for the Department of Labor’s fiduciary rule.
“The Department of Labor’s final rule on conflicts of interest in retirement advice, known as the fiduciary rule, gave protections to families who rely on financial advisers for retirement advice by making sure retirement professional put their clients’ best interests first.
“By voting against this rule, the majority of the U.S. Senate has sided with unscrupulous interests who fleece consumers through hidden fees and extra commissions to the tune of $17 billion in extra fees every year.
“With so many employers moving away from defined benefit plans, like pensions, to defined contribution plans like 401(k)s and IRAs, it is vital that Americans know that they are getting their money’s worth out of their retirement savings.
“The Labor Department’s fiduciary rule is an important step forward towards that goal. We call on lawmakers to uphold it.”