Sarbanes Statement on Retirement Rider Left Out of Omnibus Bill

Press Release

Congressman John Sarbanes (D-Md.) issued the following statement today after Democratic and Republican lawmakers announced that an agreement on this year's spending bill would not include a controversial policy rider to upend the Department of Labor's fiduciary rule:

"This is a tremendous win for hardworking Americans who are saving for retirement. Wall Street donors and lobbyists have thrown millions of dollars at Congress to block the fiduciary rule in an attempt to continue to allow unscrupulous financial advisors to ignore the best interest of their clients. We're going to continue fighting on behalf retirement savers to ensure that Americans are protected from unscrupulous financial practices."

The Department of Labor's soon-to-be finalized fiduciary proposal seeks to update the rules and requirements governing retirement advisors, making sure they operate in the best interest of their clients.

Representative Sarbanes was joined in fighting to protect the DOL's rule by the Save Our Retirement coalition, which includes AARP, AFL-CIO, AFSCME, Americans for Financial Reform, Better Markets, Consumer Federation of America and the Pension Rights Center.

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