Obama tells DOL to move forward with fiduciary redraft
February 23, 2015 by Melanie Waddell
President Barack Obama will speak Monday at AARP at 2 p.m. EST to officially say that he has given the Department of Labor the go ahead to move forward with the redraft of its rule to amend the definition of fiduciary under the Employee Retirement Income Security Act.
Obama will say in his comments that he has directed DOL to move forward with its redraft “to protect families from bad retirement advice by requiring retirement advisers to abide by a ‘fiduciary’ standard — putting their clients’ best interest before their own profits,” according to a copy of his prepared remarks.
“Middle class economics means that Americans should be able to retire with dignity after a lifetime of hard work,” according to a copy of his remarks to be released by the White House.
