A coalition of labor and consumer groups is asking President-elect Donald Trump to protect, rather than do away with, the Department of Labor fiduciary rule for retirement plan advisors.
The group Save Our Retirement, which includes the AFL-CIO, AFSCME, Americans for Financial Reform, Better Markets, the Consumer Federation of America and the Pension Rights Center, says the DOL rule, which requires that fiduciary standards be applied to retirement accounts, is consumers’ best hope for receiving unbiased information.
“President-elect Trump campaigned on the promise to make government work for hard-working Americans, not special interests,” the coalition said in a statement issued Wednesday. “One key test of his commitment will be what position he takes on the Department of Labor’s fiduciary rule.
“The election outcome did not change the fact that Americans deserve and need retirement investment advice that is in their best interest—not advice that is compromised by their advisor’s conflict of interest,” the statement continued.
“The fiduciary rule, promulgated this year, will at long last provide this protection. It is a classic example of making government work for average Americans. Mr. Trump should make good on his election talk by supporting the rule—and choosing regular Americans over Wall Street.”
Speculation has been rampant since Trump’s victory last week about the fate of the conflict-of-interest rule, but the president-elect and Republican members of Congress have made it apparent they want to roll back regulations.