Statement of Micah Hauptman, Director of Investor Protection at the Consumer Federation of America, before the U.S. Department of Labor Retirement Security Proposal Hearing:

"As we all know, retirement investing can be complicated, and many retirement investors turn to financial professionals for advice. Retirement investors reasonably expect and believe the financial experts they turn to will act in their best interests, and retirement investors trust and rely on the advice they receive."

"You know what retirement investors don't want or expect? To be steered to overpriced, suboptimal products or services that aren't in their best interest by people who seek to evade their regulatory obligations and accountability, all so they can get a big payday."