Prominent consumer groups made a last ditch effort Monday to stop Congress from knocking out the Department of Labor’s proposed fiduciary rule in a budget bill that must be sent to the President by Friday to stop the government from shutting down.
The effort took the form of 200,000 signatures delivered to legislators by Americans for Financial Reform, Public Citizen and USPIRG asking that the fiduciary rule, the Consumer Financial Protection Bureau and other financial reform bulwarks be kept alive despite efforts by Republicans and the financial services industry to put amendments in the budget bill to kill them.
In a statement AFR, which coordinated consumer group lobbying to pass the Dodd-Frank Act, said hundreds of organizations are asking senators and representatives to oppose adding provisions to the bill to eradicate consumer protections.
“If giving handouts to Wall Street was politically popular, bank-friendly politicians wouldn’t have to resort to putting them in must-pass legislation,” said Murshed Zaheed, Deputy Political Director at CREDO Action.
As of mid Monday afternoon, there had been no final wording of a budget measure released.
Consumer Groups In 11th Hour Effort To Stop Congress From Killing Fiduciary Rule
December 7, 2015
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Makes one wonder if Americans for Financial Reform, Public Citizen and USPIRG , the Consumer Financial Protection Bureau have a clue on what is entailed in pension plans and various options for IRAs. The proposed change to the fiduciary rule will result in the middle class and most likely even those with substantial assets not having financial advice available as nothing is for free.