[Howell, MI] — Today, after having taken tens of thousands in campaign contributions from special interest lobbyists, Rep. Mike Bishop voted in their favor to overturn a rule requiring financial advisors to have their clients’ best financial interests at heart – not the advisors’ profits – when providing investment advice for retirement accounts.
In short, this measure would keep the loophole in place that allows big banks to continue to prey on seniors trying to save for retirement.
“Today, Mike Bishop made his allegiances very clear — he is more concerned with protecting the interests of his big money backers than looking out for the retirement savings of Michigan seniors,” said James Stretch, Melissa Gilbert’s Campaign Manager. “Melissa will be a fighter for Michigan seniors, and always vote to make sure their interests are protected from predatory Wall Street firms.”
A recent report showed that Mike Bishop has taken more than $31,000 from the insurance industry that is actively lobbying members of Congress to overturn the rule that would protect seniors from financial advisors who put their own profits before the interests of their clients.