Sen. Ben Cardin, D-Md., told retirement officials Wednesday that he and his colleague across the aisle, Sen. Rob Portman, R-Ohio, are prioritizing "looking at the next chapter" of pension changes, encouraging more lifetime income options, strengthening auto-enrollment, and focusing on investment advice — specifically watching how the Department of Labor and the Securities and Exchange Commission are "moving forward" with their fiduciary advice rules.
"Too many Americans make decisions by inaction," Cardin said, "and they need investment advice."
Cardin told ThinkAdvisor after his comments that he wants to make sure that the DOL and SEC "are operating consistently" on their fiduciary rulemakings.
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
