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Wagner Applauds New Federal Guidelines to Protect Main Street Investors

Jun 30, 2020
Press Release

Washington, D.C. – Congresswoman Ann Wagner (R-MO), Chair of the House Suburban Caucus, released the following statement after the U.S. Department of Labor released the new Fiduciary Rule:

“Protecting the retirement accounts of our nation’s seniors and middle-income families is at the very heart of my work in Congress.  For years, I have advocated for a standard of conduct for broker-dealers and investment advisors that protects the millions of Main Street investors saving for retirement.  I applaud the Department of Labor’s close coordination with the Securities and Exchange Commission on the new fiduciary rule entitled “Improving Investment Advice for Workers and Retirees Exemption”.  A Best Interest standard, advanced by the SEC, is critical for customers and families saving for their future. Financial advisors should first and foremost advocate for their customers’ best interests, especially seniors and middle-class investors who need quality advice during these unsettled economic times.  This is vitally important to help educate investors about the threat from scammers who target elderly populations and take advantage of those in need.  

“This is a rule about Main Street, not Wall Street, and will preserve investment choice, access, and affordability while ensuring American families are receiving investment advice that is truly in their best interest while they save for their futures.”