Waters Fights to Preserve New Rule that Protects Retirees and Savers
Washington, July 20, 2017
On July 13, the House Financial Services Subcommittee on Capital Markets, Securities, and Investment held a hearing entitled “Impact of the DOL Fiduciary Rule on the Capital Markets.”
“The Fiduciary rule simply ensures that families aren’t ripped off when investing their hard-earned retirement savings,” said Ranking Member Waters. “I will fight against any effort to undermine or repeal this rule, which is so important for retirees and those saving for retirement.”
During the hearing, Republicans and their witnesses advocated for repealing the rule and replacing it with weak regulation that favors advisors' profits over seniors' savings. In response, the Democratic witness, Ms. Cristina Martin Firvida, Director of Financial Security and Consumer Affairs at AARP, cited overwhelming support for the rule, including from lower and middle-income retirement investors who need every penny of their retirement savings.
In the photo, Ranking Member Waters is pictured with AARP Director of Financial Security and Consumer Affairs Cristina Martin Firvida (the Democratic witness at the hearing) and AARP members.