Sarbanes Statement on the SEC’s Anti-Consumer Effort to Weaken Investment Protections for Hardworking American Families

Congressman John Sarbanes (D-Md.) released the following statement today after the Securities and Exchange Commission (SEC) – led by Trump appointee Chairman Jay Clayton – significantly weakened rules designed to provide Americans with suitable investment advice:

“Today, the Securities and Exchange Commission cynically advanced a new rule that will hurt hardworking American families and retirees by watering down important consumer protections meant to ensure that people receive fair and beneficial investment advice. These lower standards will end up costing American workers billions of dollars every year. Many Americans rely on sound investment advice – free of gimmicks and conflicts of interest – in order to save for retirement and build a healthy financial future. They deserve investment advisors that put their financial interests first. But today’s efforts by the SEC will move us further away from this basic standard and make it even harder for American families to receive appropriate and conflict-free financial advice.”