AFL-CIO President Richard Trumka issued the following statement in reaction to the Department of Labor's final fiduciary ruling:
We applaud the Department of Labor for getting the fiduciary rule over the finish line after a long and thorough rule-making process that took into account a multitude of stakeholders’ interests. While politicians on both sides of the aisle acknowledge our retirement income crisis, very few are willing to do anything meaningful about it. With this rule, the Labor Department is putting a stop to business as usual. This means putting an end to the siphoning off of hard-earned retirement funds by salespeople masquerading as objective investment professionals.
We know that financial industry opponents of the rule will continue their efforts to prevent it from being enacted. The AFL-CIO will be watching to see how members of Congress respond to their entreaties. This rule is critical to promoting retirement security for working men and women. It means we will have more of our hard-earned funds available for a secure and dignified retirement.
With the fiduciary rule finalized, the AFL-CIO urges the Administration to finish its work on the overtime rule that will bring working people closer to earning their rightfully earned overtime pay.