The Consumer Federation of America has come out swinging infavor of the Department of Labor’s proposed fiduciaryrule.
In its latest foray, CFA has targeted three separate argumentsmade by the financial industry against the proposed rules, sayingthat rule makers can “safely ignore” them “as the last gasp effortsof industry to maintain a status quo that has been hugelyprofitable for them, but far less beneficial for the workingfamilies and retirees who struggle to afford a secure andindependent retirement.”
That was how Barbara Roper, director of investor protection atCFA, opened her statement at the public hearing. She went on toexplain.
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