In just a few hours, the Senate Republicans will vote for a proposal to make it easier for giant Wall Street banks to cheat Americans out of their retirement savings.
That’s right, EASIER.
Here’s the deal: Many financial advisers already put their customers’ interests first, but a loophole in the law means scrupulous retirement advisers don’t have to —and it costs their customers $17 billion a year. The Department of Labor recently released a terrific new conflict of interest rule to close the loophole. The new rule is simple: all retirement advisers have to do what’s in the best interest of their customers. It’s so obvious that most people assume it already exists.
It didn’t exist – and if the Republicans have their way, it never will. Today on the floor of the United States Senate, the Republicans will publicly vote to overturn those new commonsense regulations. Unbelievable, right?
The Senate Republicans only need 51 votes today to send this to the President’s desk – and President Obama has already vowed to veto it. But the only way we can stop the Republicans from pushing these appalling bills on the Senate floor is if enough people pay attention – and if the Republicans feel some heat for what they’re doing.
Slick-talking retirement advisers have a lot to lose with this new conflict of interest rule. It’s been perfectly legal for them to receive free vacations, cars, bonuses and kickbacks for selling lousy retirement products to unassuming clients. And they have a lot of influence in Congress.
But I have a message for the Senate Republicans: We weren’t sent here to work for Wall Street and their armies of lawyers and lobbyists. We weren’t sent here to make it easier for financial institutions to cheat people.