WASHINGTON, DC — At today’s House Education and the Workforce Committee hearing, Republican committee members are expected to parrot financial industry attacks against the Biden administration’s Retirement Security rule, a major initiative cracking down on junk fees in retirement investment advice. Despite industry objections, the rule is expected to add up to 20% to the average retirement savings for a middle-class saver by the time they reach retirement. 

The Biden administration is making sure retirement advisors put their clients’ best interests ahead of their own self-interest. The move will bolster retirement security and savings for many Americans, and that apparently upsets House Republicans in the pocket of Wall Street."

Accountable.US’ Liz Zelnick

“Planning for retirement is difficult enough without the added pressure of navigating junk fees and wondering if your financial advisor is making the right choice for you or for them. As the industry attempts to strong-arm its way out of crucial regulation, the Biden administration is fighting to lower costs for American families by ensuring every person receives the same quality of advice.”


Government watchdog Accountable.US has previously called out financial groups Insured Retirement Institute and the Chamber of Commerce for their vigorous anti-regulation and advice-for-commission stance, which has driven up the cost of retirement by the billions at the expense of American families. Today, Mr. Jason Berkowitz, Chief Legal and Regulatory Affairs Officer at the Insured Retirement Institute is expected to testify against the cost-saving initiative. 

The Chamber of Commerce and the Insured Retirement Institute have publicly condemned the initiative, with the latter arguing that the Department of Labor has “produced no evidence of problems or deficiencies” that make additional rulemaking necessary. The Chamber has spent $97 million while lobbying against the “Department of Labor’s review of the definition of investment advice fiduciary” and other issues. Meanwhile, the Insured Retirement Institute has spent $1.26 million while lobbying against changes to fiduciary designations since Q4 2021. 

In addition to industry groups, the Hispanic Leadership Fund has publicly condemned the rule. The group maintains close connections with conservative kingpin Leonard Leo whose far-right network has given the Fund over half a million dollars since 2019. 


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