Ranking Members Cummings, Waters, and Scott Criticize Lawsuit to Undermine Conflict of Interest Rule
Washington, D.C. (June 2, 2016)—Today, Reps. Elijah E. Cummings, Maxine Waters, and Bobby Scott, Ranking Members of the House Committees on Oversight and Government Reform, Financial Services, and Education and the Workforce, issued the following statement on news that the U.S. Chamber of Commerce, Securities Industry and Financial Markets Association, and other industry groups have filed a lawsuit to overturn the Department of Labor’s conflict of interest rule:
"Quite simply, the Department of Labor's new rule helps ensure our workers and seniors receive retirement investment advice that's in their best interest. The industry's lawsuit seeks to block this much-needed and long overdue rule. The lawsuit is also out of step with many other financial officials and firms that publicly acknowledged the Department listened to their concerns and struck the right balance in its final rule."