Dick Durbin: “retirement savings are crucial for our economic security, but too many Americans have little to no retirement savings…”

“retirement savings are crucial for our economic security, but too many Americans have little to no retirement savings because of low wages and the need to provide for their families. Those who have been able to save for retirement are often confused by the unknowns of retirement planning and investing and depend on financial advisers to provide advice that is in their best interest. However, loopholes in the retirement advice rules have allowed some advisers to recommend products that put profits ahead of their clients' best interest, hurting workers and their families, and jeopardizing our economic security. The Department of Labor set out to update these decades-old rules to address conflicts of interest and require that financial advisers put their clients first, which is just plain common sense. Unfortunately, my Republican colleagues have voted to roll back this important consumer protection and voted to block the Department's fiduciary rule, an effort I did not and would not support. While most advisers operate under a best interest standard, some advisers steered their customers into investments that award big commissions and incentives to the adviser but are not in the best interest of the customer. No one knows this better than the Toffels of Lindenhurst, IL. Merlin Toffel was a Navy veteran and an electrician, and his wife, Elaine, was an accountant.…”