Package Approved by U.S. House Includes a Victory for Retirement Investors
“AARP congratulates the House for its passage of the spending bill to fund the federal government through September of 2016. This bill not only avoids the deep cuts to scores of critical programs, it provides noteworthy increases for many services critical to older Americans, including health, nutrition and caregiver services, as well as increases for the Social Security Administration to improve fraud prevention. With dozens of proposed riders from special interests threatening to derail the bill, lawmakers rose above partisan issues to pass funding for federal agencies for 2016. The House has voted for stability over the economic chaos which would have resulted from a government shutdown, and we look forward to the Senate vote on the Omnibus bill.
“We are also pleased that today’s package is a victory for retirement investors: Legislators defeated a last-ditch effort to derail the Department of Labor’s proposed Fiduciary Duty rule. The rule will require financial advisers to provide advice which is in their clients’ best interest. Currently, a weaker “suitability standard” applies to some financial professionals who recommend investments. The DoL’s current rules were enacted in 1975, prior to the creation of 401(k) and other similar individual retirement account plans.
“With conflicted investment advice costing Americans an estimated $17 billion per year, it’s time for the Fiduciary Duty rule to move forward, to help millions of Americans as they work to achieve financial security in retirement.”
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AARP is a nonprofit, nonpartisan organization, with a membership of nearly 38 million, that helps people turn their goals and dreams into real possibilities, strengthens communities and fights for the issues that matter most to families such as healthcare, employment and income security, retirement planning, affordable utilities and protection from financial abuse. We advocate for individuals in the marketplace by selecting products and services of high quality and value to carry the AARP name as well as help our members obtain discounts on a wide range of products, travel, and services. A trusted source for lifestyle tips, news and educational information, AARP produces AARP The Magazine, the world’s largest circulation magazine; AARP Bulletin; www.aarp.org; AARP TV & Radio; AARP Books; and AARP en Español, a Spanish-language website addressing the interests and needs of Hispanics. AARP does not endorse candidates for public office or make contributions to political campaigns or candidates. The AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. AARP has staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Learn more at www.aarp.org.
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