Act Now to Protect Retirement Security

Not content with playing Russian roulette with the operation of the federal government and careening toward default on the nation’s debt, the U.S. House is trying to block common-sense rules being developed by the Labor Department (DOL) to protect workers from deceptive or abusive practices whenever they seek investment advice about their retirement savings.

House Conservatives have proposed a bill, H.R. 2374, that would block the DOL’s effort to protect investors trying to save for retirement. It could be voted on as soon as tomorrow, October 1, 2013. The DOL has sought to update the rules for financial advice for the first time since 1975. Since then, more and more workers depend on 401(k)s and individual retirement accounts (IRA’s), and they frequently seek investment advice from financial professionals.

The DOL is expected to require that investment advisers have no conflict of interest that could cause them to steer their clients toward investments that earn the adviser higher fees, but might not be in the client’s best interest.

H.R. 2374 would block the DOL’s effort to protect workers’ retirement security. Call Congress at 1-888-912-5898, ask for your representative’s office, and urge him or her to protect workers’ retirement security and oppose H.R. 2374.

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