Rep. Rick Larsen, WA-02, issued the following statement regarding the Retail Investor Protection Act. Larsen joined the bipartisan majority of the House of Representatives to pass the bill that requires the Department of Labor’s investor protections to align with the same protections at the Securities and Exchange Commission (SEC).

“I voted for the Wall Street Reform and Consumer Protection Act to make sure that people’s retirement savings are not again used as gambling money by big banks. Financial advisers owe their clients clear, unbiased advice. These advisers should be regulated under a clear set of guidelines.

“We are now getting conflicting guidelines from the Department of Labor and the Securities and Exchange Commission. Those guidelines increase confusion and costs for investors. The Retail Investor Protection Act fixes this problem by making sure that regulator guidelines for financial advisers are consistent, keeping costs lower for people investing for their retirement.”