<\/p>\n
March 16, 2018<\/p>\n
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Contact: NCL Communications, Carol McKay, carolm@nclnet.org, (202) 207-2831<\/p>\n
Washington, DC–In response to the news that the U.S. Department of Labor\u2019s (DOL) fiduciary rule was struck down, in a 2-1 decision by two judges on the 5th Circuit Court of Appeals, Sally Greenberg, executive director of the National Consumers League, has issued the following statement:\u00a0<\/p>\n
\u201cThe Fifth Circuit Court of Appeals, in a 2-1 vote with Chief Justice Carl Stewart offering a spirited dissent,[1]<\/a> has issued a legally flawed decision that undoes a critically important Labor Department rule intended to protect the financial interests of retirees and other investors. Simply put, the DOL rule requires financial advisors to put the interests of their clients first. This seems pretty straightforward, but the Chamber of Commerce and other industry interests have consistently opposed this common sense requirement.<\/p>\n The majority misapplied the law, issued an opinion that conflicts with the decisions of every other court that has considered the rule, and discounted the dramatic changes in the retirement landscape over the last 40 years. The results could potentially cost retirement savers as much as $17 billion annually.<\/p>\n The Fifth Circuit\u2019s decision is a setback for all investors, especially those planning for or currently in retirement. It also threatens the Labor Department\u2019s ability to protect investors now and in the future. We urge the Justice Department to appeal this decision, put retirement savers\u2019 interests first, and defend DOL\u2019s authority to impose reasonable standards on those who make a living investing other people\u2019s money.\u201d<\/p>\n —<\/p>\n [1]<\/a> Judge Stewart notes, \u201cThat the DOL has extended its regulatory reach to cover more investment-advice fiduciaries and to impose additional conditions on conflicted transactions neither requires nor lends to the panel majority\u2019s conclusion that it has acted contrary to Congress\u2019s directive.\u201d<\/p>\n ###<\/p>\n About the National Consumers League<\/strong> March 16, 2018 Contact: NCL Communications, Carol McKay, carolm@nclnet.org, (202) 207-2831 Washington, DC–In response to the news that the U.S. Department of Labor\u2019s (DOL) fiduciary rule was struck down, in […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false},"categories":[25],"tags":[412],"acf":[],"_links":{"self":[{"href":"https:\/\/nclnet.org\/wp-json\/wp\/v2\/posts\/1048"}],"collection":[{"href":"https:\/\/nclnet.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nclnet.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nclnet.org\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/nclnet.org\/wp-json\/wp\/v2\/comments?post=1048"}],"version-history":[{"count":3,"href":"https:\/\/nclnet.org\/wp-json\/wp\/v2\/posts\/1048\/revisions"}],"predecessor-version":[{"id":9772,"href":"https:\/\/nclnet.org\/wp-json\/wp\/v2\/posts\/1048\/revisions\/9772"}],"wp:attachment":[{"href":"https:\/\/nclnet.org\/wp-json\/wp\/v2\/media?parent=1048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nclnet.org\/wp-json\/wp\/v2\/categories?post=1048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nclnet.org\/wp-json\/wp\/v2\/tags?post=1048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
The National Consumers League, founded in 1899, is America’s pioneer consumer organization. Our mission is to protect and promote social and economic justice for consumers and workers in the United States and abroad. For more information, visit\u00a0https:\/\/nclnet.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"