Members of AARP Texas are heading to Washington, D.C. in support of a proposed rule on conflict of interest in retirement advice. The proposed rule released earlier this month requires all retirement advisers to give advice in their clients’ best interest. Americans lose around $17 billion of retirement income annually to bad investment advice, hidden fees, and unfair risk.
Volunteers and staff members of the group dropped off petitions in support of the rule containing more than 26,000 signatures at the U.S. Department of Labor offices. AARP volunteers will also speak to members of Congress about AARP’s opposition to any legislation that seeks to stop or slow the rule from being fully implemented.
The delivery of the petition is the beginning of several days of activities in Washington for the group. The group will also visit U.S. Representatives John Lee Ratcliffe (R-TX4); Kay Granger (R-TX12); Will Hurd (R-TX23); Michael Burgess (R-TX26); Gene Green (D-TX29); Lloyd Doggett (D-TX35); and Brian Babin (R-TX36). The conversations will include several areas of interest for the group.
One topic of conversation will be the Older Americans Act, an array of programs and services to assist and protect the nation’s seniors with the utmost independence and dignity. The group members are seeking a simple reauthorization of the core programs of this law. The group members will also be discussing the Safe Streets Act, which would ensure that planners and traffic engineers design, construct, and operate roads with the safety of all users in mind. The policy would vary by locality based on the individual communities of that location.
According to a statement by AARP Texas State Director Bob Jackson, the AARP Texas volunteers and staff are engaging with members of Congress and administration officials on issues that protect and enhance health and economic security for current and future generations of Texans. He said, “We’re delivering petitions to ensure that all financial advisers put their clients’ interests first and discussing health, safety and economic matters that impact millions of our families.”