Booker, Warren, Murray Joint Statement on Fiduciary Rule

WASHINGTON, D.C. –  U.S. Senators Cory Booker (D-NJ), Patty Murray (D-WA) and Elizabeth Warren (D-MA) issued the following joint statement on last night’s decision by Secretary of Labor Alexander Acosta not to delay the implementation of the conflict-of-interest rule, which requires retirement investment advisers to act in the best interest of their client. The rule was delayed while the Department of Labor began its reassessment, under a directive from President Trump made in February.

“This common sense rule eliminates conflicts of interest and requires financial advisers to put investors’ interests first, putting a stop to the practices that cost hard working families saving for their retirement $17 billion every year. While we’re relieved that the Labor Department decided not to delay this important rule, the only thing that stopped the administration from hurting hardworking Americans were the legal barriers they faced. We will fight any further efforts to undermine this important step forward,” the senators said.

Acosta’s announcement in the Wall Street Journal late last night followed months of pressure by Booker, Warren, and Murray. Most recently, last week, the Senators sent a letter to the Labor Secretary expressing concerns over reported statements that he was looking to permanently “freeze” the common-sense rule. Last month, Senators Warren and Booker penned an op-ed explaining why the rule was so important to Americans saving for retirement. And in March, Murray, Booker, and Warren, along with twelve of their Senate colleagues, sent a comment letter to Acosta opposing the proposed delay of the rule.

In February of 2015, Senators Warren and Booker stood with President Obama at AARP to announce the rule and the enormous impact it would have on families saving for retirement.