Oregon State Treasurer Tobias Read offered this statement about the announced intent to retreat from the U.S. Department of Labor’s fiduciary rule, a move that would put at risk the long-term financial health of Oregonians who make investing decisions through financial advisors. The fiduciary rule means that investment professionals must give advice that is in the best financial interest of their clients – as opposed to themselves.
“This is reckless and outrageous. The fiduciary rule protects the public, plain and simple. I am aghast that the Trump administration and the Republican Congress are choosing Wall Street profits over the financial health of hard working Oregon families.”
Many investment professionals are fiduciaries and protect their clients best interests, Read said, and that should be the minimum standard for everybody in the industry.
“We want Oregonians to be able to invest in themselves with confidence, for their long term financial wellbeing,” he said.
