WASHINGTON—Congressional Progressive Caucus (CPC) Co-Chairs Reps. Raúl Grijalva (D-AZ) and Keith Ellison (D-MN) released the following statement today on the Department of Labor’s new fiduciary rule to require investment advisors to put their clients’ best interests first when advising on retirement accounts:

“Americans should be able to have a secure retirement. However, many seniors are targeted by salespeople who urge them to invest their savings in products that deplete their retirement accounts. For decades, consumer protection groups like the AARP and the Consumer Federation of America have recognized the need for government to extend investor protections to workers saving for their retirement.

“Today, under President Obama’s direction, the Department of Labor issued a new rule to expand consumer protections and ensure that Americans receive the best investment advice possible. We applaud the President and the Department of Labor for making sure investment advisors keep the best interests of their clients in mind when providing advice on retirement finances.”