The CHOICE Act and similar legislation raise a lot of alarms. As I mentioned in my blog post last month, industry forces and certain elected officials are pulling out all the stops to block the fiduciary rule from taking effect, and the CHOICE Act represents only the most recent attack. In a Congressional atmosphere of general hostility towards oversight of our financial system, it is imperative that advocacy groups stay vigilant in their support of strong rules and an autonomous CFPB.
DOL’s fiduciary rule requires that investment advisors act in clients’ financial best interests. If the rule is enacted as intended, it will provide a crucial safeguard for the millions of Americans who put their trust in investment advisers in order to save for retirement.
In this spirit and on behalf of Woodstock Institute, I would like to announce our new campaign mobilizing Illinois-based support for the national implementation of this rule as intended. Over the course of the next year, Woodstock will lead efforts across our state, building a coalition of Illinois organizations in support of the fiduciary rule, highlighting the stories of people victimized by financial advisors’ compromised interests, highlighting the practices of bad actors, and closely engaging with members of Congress to minimize threats and changes to the rule.
There are plenty of opportunities for Woodstock allies and supporters to get involved. If you or someone you know has been a victim of a compromised investment advisor, please don’t hesitate to contact me to provide an account of your story. We will also share information about attempts to kill the fiduciary rule and provide the contact information for elected officials when needed. Stay tuned to this space and watch our social media for further opportunities to participate