Jun. 20, 2018
Jun 20, 2018 Securities and Exchange Commission To the and Exchange Commission, Retirement accounts are the primary source of income for us average retirees. Many companies have diminished pension plans. Although we have paid for social security all of our working lives, this is not enough to survive in this century. Health care costs are rising and drug costs are out of control. Now the government is allowing unscrupulous financial advisers to take our hard earned retirement account for their own benefit? Millions of Americans like me are counting on our IRAs, 401(k)s and other retirement accounts for a secure financial future and we've worked hard to build and grow our savings. We should be able to trust our financial advisers to put our interests first. But loopholes in the current law make it easy for many advisers to take advantage of hard-working Americans and line their own pockets with our retirement savings. Hidden fees and bad advice costs Americans billions of dollars every year, and we deserve better. Close this loophole and ensure a higher standard than the currently proposed rule. Hold anyone who gives financial advice genuinely accountable for helping everyday Americans choose the best investments for us, our families, and our future. We don't need or want a standard that just makes our brokers and bankers richer. I'm counting on you to make a stronger rule that closes the loophole. Americans who've worked hard to save for retirement deserve peace of mind about their financial security. Sincerely, Ms. Mary Feddis