Major Groups Applaud Public Release of Dept. of Labor’s Proposal to Protect Americans’ Retirement Savings

Major Groups Applaud Public Release of Dept. of Labor’s Proposal to Protect Americans’ Retirement Savings


Members of the coalition and a diverse collection of public interest groups, civil rights leaders, labor unions, professional organizations and others today commended the public release of the Department of Labor’s (DOL) proposed rule to protect Americans from conflicts of interest when brokers and other financial advisers give retirement investment advice:

“The release of this rule is a major victory for consumers that will help bring millions of Americans one step closer to a secure, dignified retirement. Many Wall Street firms and their allies tried to stop this rule from ever seeing the light of day and prevent an open, public comment period giving all Americans the opportunity to express their views. We look forward to reviewing this proposal in detail and working to help craft the strongest possible rule to protect hardworking Americans saving for a financially secure and dignified retirement.”

The following 41 organizations issued the above statement:

Alliance for Retired Americans (ARA)
Americans for Financial Reform
Better Markets
Center for Community Change Action
Consumer Action
Consumer Federation of America
Consumers Union
Department for Professional Employees, AFL-CIO
Fund Democracy, Inc.
Garrett Planning Network, Inc.
International Association of Machinists and Aerospace Workers (IAM)
International Brotherhood of Electrical Workers (IBEW)
International Union of Bricklayers & Allied Craftworkers
International Union of Police Associations (IUPA)
International Union, United Automobile, Aerospace & Agricultural Implement Workers of America (UAW)
The Leadership Conference on Civil and Human Rights
National Committee to Preserve Social Security and Medicare
National Council of La Raza (NCLR)
National Employment Lawyers Association
National LGBTQ Task Force
National Organization for Women
National Women’s Law Center
NETWORK, A National Catholic Social Justice Lobby
Pension Rights Center
Personal Capital
Public Citizen
Public Investors Arbitration Bar Association
Rebalance IRA
Sheet Metal Workers’ International Association (SMART)
The American Federation of Government Employees (AFGE)
The Committee for the Fiduciary Standard
United Steel, Paper and Forestry, a Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union (USW)
Wider Opportunities for Women

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  • PRC’s fact sheet on investment advisers (April 10, 2015)
  • A PRC blog entry about President Obama speaking at an event to mark the release of the proposed fiduciary rule (February 24, 2015)
  • A PRC press release about the Department of Labor’s release of a proposed fiduciary rule to the Office of Management and Budget (February 23, 2015)
  • group letter to Congress in support of a strengthened and updated fiduciary rule (September 17, 2014)
  • PRC letter to the U.S. House of Representatives opposing H.R. 2374 on fiduciary standards (September 30, 2013)
  • Retiree Janice Winston speaks out in support of strong fiduciary regulations (September 13, 2013)
  • Norman Stein calls for an end to conflicts of interest in investment advice (September 13, 2013)
  • A PRC blog entry, explaining why H.R. 2374 should be defeated (July 16, 2013)
  • PRC letter to the U.S. House of Representatives opposing H.R. 2374 on fiduciary standards (July 8, 2013)
  • group letter in opposition to H.R. 2374 that was sent to the House in June 2013 (June 18, 2013)
  • Pension Rights Center testimony in support of proposed fiduciary rules (July 26, 2011)
  • Pension Rights Center testifies in support of proposed fiduciary rules (July 26, 2011) – See more at:
  • Letter and memo that the Pension Rights Center sent to Congress, expressing support for the proposed regulations (July 20, 2011)
  • The Pension Rights Center’s supplemental comments on the proposed regulations (April 12, 2011)
  • Norman Stein’s testimony at a Department of Labor hearing on the proposed regulations (March 1, 2011)
  • A PRC blog entry on the importance of the proposed regulations (February 15, 2011)
  • Comments on the proposed regulations to the Department of Labor, submitted jointly by the Pension Rights Center and the National Employment Lawyers Association (February 3, 2011)

Contact Name: Nancy Hwa

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