Committee Holds Virtual Member Briefing on How the Trump Administration is Failing Retirement Savers

Statement

Today, the Committee held a virtual briefing to examine how recent Department of Labor's actions have weaken retirement protections for workers. The briefing, entitled "Failing Retirement Savers: Examining Three Recent Labor Department Actions," focused on how the Trump administration has taken steps that will erode retirement security for future retirees by exposing them to bad advice and greater risk while undermining accountability for unethical retirement advisors.

"In this time of great financial uncertainty, workers and their families should not have to worry about being cheated out of their hard-earned retirement savings," said Chairman Robert C. "Bobby" Scott. "Simply put, the Department is going out of its way to restrict investment options that workers want, while simultaneously exposing them to greater risk from private equity funds and unethical advisors."

The briefing included Barbara Roper, an expert on consumer and investor protection issues with the Consumer Federation of America (CFA), and Aron Szapiro, director of policy and research for Morningstar.

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