The Conflicted Investment Advice Prohibition Act of 2009 (H.R. 1988)
would restore federal safeguards that ensured that investment advice
provided to workers on their employer-sponsored retirement plan be
independent and free from any conflicts of interest. Unfortunately,
these protections were watered down with the approval of the Pension
Protection Act of 2006 and former Bush administration Department of
Labor midnight proposed regulations. These actions opened the door for
financial services companies to provide advice to employees where they
had a direct or indirect financial interest. The Conflicted Investment
Advice Prohibition Act will restore workers’ protections by laying out
clear rules to ensure that workers who receive investment advice at
work be based on interests of the account holder’s needs, not Wall
Street’s pockets.
The Health, Employment, Labor, and Pensions Subcommittee will be voting on H.R. 1988 tomorrow.
The Health, Employment, Labor, and Pensions Subcommittee will be voting on H.R. 1988 tomorrow.
