Congressman Tim Ryan Statement on White House Proposal to Increase Retirement Security
Warren, Ohio – Congressman Tim Ryan made the following statement today on the Obama Administration’s proposal to increase retirement security by requiring financial advisers offering employer-sponsored benefit plans to abide by a “fiduciary” standard – protecting clients from back-door payments and hidden fees:
“More than 75 million American families are saving for retirement, with many entrusting financial advisors with their investments. We expect that our financial advisors are acting in our best interest and ensuring our future is secure, yet every year, Americans lose $17 billion due to financial advisors who place their own interest above those of their clients. Financial advisors are able to accept backdoor payments from Wall Street and impose hidden fees that together can result in the loss of more than a quarter of retirement savings.
“These backdoor deals and hidden fees must end and I applaud the White House for cracking down on practices that are hurting our country’s retirees. After a lifetime of scraping and saving, Americans deserve to have a secure and dignified retirement – and this move will help ensure that working families can have the retirement they worked so hard to earn.”