Sen. Bernie Sanders, I-Vt. applauded Labor’s new proposal, stating that it ”ranges the taking part in subject for customers by making use of a uniform recommendation commonplace to retirement investments” and “closes loopholes round rollover suggestions and recommendation to employers sponsoring 401(okay) plans.”
The plan, Sanders, chairman of the Senate Well being, Schooling, Labor and Pensions Committee, advised Labor in a Jan. 2 remark letter, “prohibits unscrupulous monetary professionals from steering retirement savers into costly or poorly performing merchandise that present an incentive for the advisor — even when it isn’t your best option for the shopper.”
The remark interval on Labor’s new rule ended on Jan. 2.
