On February 23 Congressman John K. Delaney (MD-6) joined President Obama, Secretary of Labor Tom Perez, Senator Elizabeth Warren and Senator Cory Booker in announcing a new federal effort to protect middle-class investors.
Coverage from the Baltimore Sun here:
WASHINGTON – Rep. John Delaney, who spent a career in financial services before running for Congress, joined President Barack Obama on Monday in calling for tougher regulations on brokers who help people plan for retirement — offering his endorsement of a plan that is unlikely to sit well with some on Wall Street.
The Potomac Democrat, who is in his second term, spoke alongside U.S. Labor Secretary Tom Perez and Massachusetts Sen. Elizabeth Warren of Massachusetts before Obama announced the regulations during a speech at the AARP’s headquarters in Washington.
Delaney, who founded and led a bank in Chevy Chase called CapitalSource before first running in Maryland’s Sixth Congressional District in 2012, told the AARP that there are several solutions for dealing with what he described as the nation’s looming retirement crisis.
“But the most obvious of these things, the most unassailable in my opinion, is to make sure if hard working Americans are setting aside some measure of their paycheck for retirement and seeking advice as to how to invest those funds that they are getting objective advice, free of conflicts and that their interests are being put first,” Delaney said.