October 31, 2023

Brown Statement on New Proposal to Protect Workers’ and Retirees’ Financial Security

Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, applauded a new proposed rule by the Department of Labor to protect retirement savers from high fees and ensure employer retirement account advisers put the best interests of workers first.

“It’s simple: workers investing their hard-earned savings for retirement deserve advice that is in their best interest, not recommendations for high-fee, often risky investments that happen to pay advisers more,” Senator Brown said. “This proposal will help protect investors from high fees and bad investment advice that puts advisers’ profits ahead of workers’ futures, so Americans can trust that their retirement is secure.”

The proposal will close loopholes regarding the role of financial advisers and their fiduciary duties toward workers who are investing toward their retirement. Senator Brown fought the last administration’s proposals to weaken protections for retirement savers.