FOR IMMEDIATE RELEASE:
March 5, 2010
Contact: AARP Media Relations, 202-434-2560
AARP Response to Investor Protections Update
Consumers and Investors Need to Know if Protections Remain Priority in Senate Negotiations
Washington, DC – AARP Executive Vice President Nancy LeaMond issued the following statement in response to Senator Dodd's floor statement today on the ongoing financial regulatory reform:
“While AARP appreciates Senator Dodd for today’s update on the ongoing negotiations on the financial regulatory reform bill, more public debate is needed, and older Americans remain strongly supportive of reform that will protect consumers and investors.
“Our polling has shown that Democrats, Republicans and Independents 50 and over overwhelmingly say they want reform. More than 9 in 10 people believed we should require banks to use plain language to explain the terms and conditions of products, require companies that manage 401(k) retirement plans to explain the fees they charge to participants, require investment companies to disclose the costs, risks and benefits of all the financial products they market and that consumers should be able to check an investment advisor's record to see whether they have had any prior violations or been charged with professional misconduct.
“AARP has called for increasing consumer protections, including all the main points Senator Dodd mentioned in his floor speech today. We look forward to a bill that includes, among other protections, a strong and independent Consumer Financial Protection Agency with rulemaking and enforcement capability, and a set of uniform fiduciary standards that all financial professionals who advise us or sell us financial products must abide by.”
For a full copy of previously mentioned poll visit: http://www.aarp.org/research/surveys/money/consumers/fraud/articles/finprotect_10.html
AARP is a nonprofit, nonpartisan membership organization that helps people 50+ have independence, choice and control in ways that are beneficial and affordable to them and society as a whole. AARP does not endorse candidates for public office or make contributions to either political campaigns or candidates. We produce AARP The Magazine, the definitive voice for 50+ Americans and the world's largest-circulation magazine with over 35.7 million readers; AARP Bulletin, the go-to news source for AARP's millions of members and Americans 50+; AARP Segunda Juventud, the only bilingual U.S. publication dedicated exclusively to the 50+ Hispanic community; and our website, AARP.org. AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. We have staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.