February 23rd, 2015 by WCBC Radio
Congressman John K. Delaney (MD-6) will speak today at a White House event calling for new investor protections for retirement accounts. Rep. Delaney, the only former CEO of a publicly traded company in the House of Representatives, will join President Obama, Senator Elizabeth Warren (MA) and Senator Cory Booker (NJ). In his remarks Delaney will stress how recent economic and policy trends have made saving for retirement more difficult. Delaney will highlight the need to protect hard-working Americans from receiving investment advice that is not in their interest.
The Administration’s new investment standard is designed to protect clients from receiving advice that steers their savings into funds with higher fees and lower returns due to brokers receiving backdoor payments. Monday, the White House Council of Economic Advisers released a report showing that conflicts of interest can cost middle-class families a large percentage of their retirement savings. According to White House data, this conflicted investment advice costs middle-class investors 1 percentage point annually on their returns, leading to an estimated loss of $17 billion dollars each year.
Prior to being elected in 2012, Delaney founded and led two successful publicly-traded financial services companies. Delaney is a member of the House Committee on Financial Services.
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