Washington, D.C. -Today, Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, issued the following statement in response to the Department of Labor’s release of its Conflicts of Interest Rule :
“I commend the Department of Labor for listening to stakeholders and making substantive changes to strengthen its new rule to protect hardworking Americans who are saving for retirement against financial advisors with conflicts of interest. Congress should support the needs of their constituents and allow this rule to go into effect."
Previously, opponents of the Department’s efforts to protect the best interests of Americans saving for retirement have called on Congress to block the rule, either through legislation or use of the Congressional Review Act.
