Trump siding with Wall Street over working people

For over thirty years, the wages of working people have been flat, and pensions continue to be replaced with inadequate 401(k)s.

Economic uncertainty plagues millions of families in their working years and continues into retirement. And now, Donald Trump and his secretary of labor are making these problems even worse.

Last year, at the end of the Obama presidency, the Department of Labor approved the fiduciary rule, designed to keep workers from having their hard-earned retirement savings pocketed by unscrupulous financial advisers:

When fully implemented and enforced, the fiduciary rule would require Wall Street advisers to provide retirement investment advice that is in the best interest of the client, not the adviser.

But now, the Trump administration is trying to weaken, or even roll back this critical rule. They’re siding with Wall Street “advisers” over working people―robbing families of their hard-earned retirement savings.

We must act now to protect the retirement security of working people.

Click here to submit a comment directly to the Department of Labor, telling them to fully implement and enforce the fiduciary rule.

The Council of Economic Advisers estimates that “conflicted” advice costs retirement savers $17 billion each year. EPI research shows that people saving for retirement in all 50 states would benefit from the fiduciary rule if it was fully enforced.

Sadly, Donald Trump’s secretary of labor, Alexander Acosta, has opened up a “Request for Information” comment period in a blatant attempt to undermine the progress we’ve made on behalf of people saving for retirement. He’s hoping to receive comments from Wall Street industry groups with a profit stake in weakening the rule. We must ensure he hears from every day people!

Submit your official comments to the Department of Labor today to protect the retirement security of working people.

It is DOL’s mission to improve Americans’ wages and working conditions and to enforce our labor laws. Yet with this new comment period, the Trump administration has indicated that it wants to weaken or rescind a rule meant to protect our retirement savings.

Together we’re demanding an economy that works for everyone, not just the wealthy few.

Heidi Shierholz is director of policy for the Economic Policy Institute, a pro-labor think tank based in Washington D.C.