Lobbyist Secretly Wrote House Dems' Letter Urging Weaker Investor Protections [View all]

[kpete]

Source: Mother Jones

Lobbyist Secretly Wrote House Dems' Letter Urging Weaker Investor Protections
Thirty-two liberal Democrats signed onto a letter drafted by a financial-industry lobbyist that aims to block protections for millions of Americans' retirement accounts.


June 14 letter from 32 House Democrats to the Department of Labor.



A letter that a group of progressive Democrats sent to federal regulators opposing new protections for millions of Americans' retirement accounts was drafted by a financial-industry lobbyist, according to documents obtained by Mother Jones.

The Department of Labor, which oversees the federal law setting minimum standards for many retirement plans, would like to require retirement investment advisers to act in the best interest of their customers, as opposed to their own best interest.

But 28 out of the 43 members of the Congressional Black Caucus (CBC)—a group of African American members of Congress that advocates the interests of low-income people and minorities—signed onto a June 14 letter opposing the rule. So did Democratic lawmakers Pedro Pierluisi of Puerto Rico, Tulsi Gabbard of Hawaii, Ed Pastor of Arizona, and Jim Costa of California.

The letter's metadata indicates it was drafted by Robert Lewis, a lobbyist who works for the Financial Services Institute (FSI), an investment industry trade group:



Read more: http://www.motherjones.com/politics/2013/08/congressional-black-caucus-fiduciary-duty-rule-financial-services-institute