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MoveOn.org Political Action Executive Director Ilya Sheyman had the following statement today in response to President Obama’s announcement that the Department of Labor will take action to ensure that financial advisors act in the best interest of their clients:
“This is great news for the millions of Americans who rely on financial advisors to manage their retirement savings and bad news for those selfish Wall Street bankers who would rather line their own pockets than act in their clients’ best interest. It’s a no-brainer that financial advisors should be required to act in their clients’ best interest. Only those whose perception is skewed by greed could possibly think this is a bad idea.
“We look forward to standing with President Obama, Senator Warren, and other leaders to ensure this common-sense approach isn’t stymied by high-paid lobbyists and corporate interests who would rather enrich themselves than do the right thing.”
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