SEC Must Tame the Wolves of Wall Street

From the AFL-CIO

Future retirees stand to lose one-quarter of their retirement paychecks because of corrupt financial advice.

Advocates have been fighting for decades to close a loophole that allows investment brokers to give self-serving advice. On Wednesday the Securities and Exchange Commission proposed a new rule that doesn’t go far enough to protect the interests of working people. The SEC should go further and require brokers to act with integrity.

A new proposed rule on investment advice would leave working people vulnerable to bad actors on Wall Street, and the AFL-CIO will fight for a stronger rule before it’s finalized or demand it to be scrapped altogether.

“Does this proposal require financial professionals to put their customers’ interests first, and fully and fairly disclose any conflicting interests? No,” said SEC Commissioner Kara Stein, explaining why she voted against the proposal.

“Americans deserve a clear best-interest rule that places the client’s needs ahead of the broker’s. Period,” said fellow Commissioner Robert J. Jackson Jr., who’s fighting to improve the proposal.

Working people want new economic rules that stop investment brokers from skimming our savings, so more working people can have a secure retirement.

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Posted In: Union Matters

Union Matters

Human Service Workers at Persad Center Vote to Join the USW

From the USW

Workers at Persad Center, a human service organization that serves the LGBTQ+ and HIV/AIDS communities of the Pittsburgh area, voted last week to join the United Steelworkers (USW) union.

The unit of 24 workers, ranging from therapists and program coordinators to case managers and administrative staff, announced their union campaign as the Persad Staff Union last month and filed for an election with the National Labor Relations Board (NLRB).

“We care about our work and the communities we serve,” said Johanna Smith, Persad’s Development, Communications, and Events Associate. “We strongly believe this work and our connections to our clients will only improve now that we will be represented by a union.”

The Persad workers join the growing number of white-collar professionals organizing with the USW, especially in the Pittsburgh region. Their membership is also in line with the recent work the Steelworkers have been doing to engage LGBTQ+ members and improve contract language regarding issues that affect their lives.

“Workplaces are changing and evolving, and the labor movement is changing and evolving along with that,” said USW Vice President Fred Redmond, who oversees the union’s LGBTQ+ Advisory Committee as well as the USW Health Care Workers Council. “This campaign gives us an opportunity to diversify our great union while uplifting and empowering a group of workers who give their all for others.”

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There is Dignity in All Work

There is Dignity in All Work