Micah Hauptman, Director of Investor Protection at the Consumer Federation of America, submitted a Statement for the Record for a Congressional hearing by the House Education and Workforce Committee’s Subcommittee on Health, Employment, Labor, and Pensions. The statement strongly supports the Department of Labor's Retirement Security Proposal aimed at protecting retirement savers. It criticizes the current regulatory framework for allowing financial professionals to avoid fiduciary duties, thus exposing retirement savers to biased advice. The statement argues that the proposed rule change would ensure financial advice serves the best interest of savers, covering all types of advice and addressing gaps in current regulations.