From Mother Jones
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Financial Industry Group to SEC: This Letter We Ghostwrote for House Dems Proves We're Right
Erika EichelbergerThursday, August 15, 2013, 3:23 pm
On Tuesday, Mother Jones reported that a lobbyist for the Financial Services Institute (FSI), an industry trade group whose members stand to benefit from weaker investor protections, secretly wrote a letter signed by 32 progressive House Democrats aimed at scaling back new regulations the Department of Labor (DoL) wants to impose on retirement investment advisers. Now, in an only-in-Washington twist, FSI is citing the letter its lobbyist ghostwrote to bolster its case against these protections, including in a recent missive to the Securities and Exchange Commission (SEC) urging a delay in implementing them.
The June 14 letter, authored by FSI lobbyist Robert Lewis, was signed by lawmakers including Tulsi Gabbard (D-Hawaii) and David Scott (D-Ga.), and argues that the new safeguards the DoL is considering, which would force millions of retirement investment advisers to act in the best interest of their customers instead of their own, "could severely limit access to low-cost investment advice" for "the minority communities we represent." FSI then cited its letter opposing the new rule-as if it had no hand in writing it-in a recent letter to the SEC, and on its own blog and website. (Hat tip to Claremont McKenna College political science professor John Pitney, who first noted this on his blog on Wednesday.)
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